Since AITDs are technically illegal (they transfer title, but not the financial burden) if your Mortgage company discovers the transaction, they can foreclose on you, not many Brokers will allow their agents to sell with those terms.
I would highly reccomend you contact an attorney and have a Contract of Sale drawn up.
There are several different ways to structure them so that you, and your mortgage are protected.
I would be willing to help you with suggestions if you care to contact me.
Bo Saunders, SFR
Short Sale/REO Specialist
EXIT REALTY NUMBER ONE
World Class Service
From Your Hometown RealtorÂ®
There are new laws that will take effect Oct 2013 regarding foreclosing you should read up on (AB300 and SB321 are a few).
Have you had someone tell you the current value of the home vs what you owe? Prices here have skyrocketed since January 2012, so you might not be in as bad of shape as you are thinking.
If you email me the address I can run the comps for you and tell you what it is worth. Also, keep in mind since it is a hot seller's market we can often times sell your home for more than appraisal value.
Please feel free to contact me directly below or fill out our seller's form here: http://lvrealestatehelp.weebly.com/selling-real-estate.html
I look forward to hearing from you.
The Adams Team at
Rothwell Gornt Companies
Foreclosing on an AITD is the same as foreclosing on a second, third or whatever position the AITD represents. It takes 90 days from the notice of default , to advertise then 21 days.
"The agreement to remove after 15 days" would not be enforceable or have any value.
As for other options to consider, Lease Option, Contract for Deed / Sale, can be set up to properly protect both buyer and seller and are very common, you might consider an exchange, and lastly incentives.
for more information
Keller Williams Southern Nevada
ABR, GRI, RRG, SRES, REALTORÂ®
1050 Indigo Dr., Ste 110
Las Vegas, NV 89145
(702) 839-2798 direct
(702) 442-6160 fax