The quick and easy answer is that the difference is that someone with a land contract on it is looking to purchase the home at the end of a term of renting it, whereas renting your home is just that - a rental agreement for lease only.
There are many different versions and details that can or would need to be worked out, but the main difference is that the land contract goal is to purchase the home.
Please feel free to contact me to discuss this in more detail or any other questions you may have.
As the seller you have the option to accept or reject or counter the offer. My suggestion is to see how much activity you get at your asking price. If there isn't enough activity or if you are only getting low offers you may want to consider reducing your asking price. It really depends on how motivated you are to sell.... more
I hope this thread doesn't degenerate into yet another "you really should use an agent to sell" diatribe.
As an investor, sometimes it's easier to sell properties via an agent, and other times it's easier to sell them as FSBOs. In the cases where I opt for FSBO, the commission has absolutely NO influence in my decision making. I've already accounted for the selling-side commission related costs when I purchased the property, so the commissions are a non-issue. The primary reason I'd opt to not use an agent for selling properties is that I didn't find one who was flexible enough to with me. In other words, if I sense that most agents in an area aren't comfortable working on deals with creative financing, then I most likely won't work with them--even for cash-only deals. I'm deeply concerned about the relationship for the long-term. I want to work with someone who's flexible and open-minded.... more
Please review the fine print of your contract. There should not be any fees involved but there needs to be some form of notification that you want to cancel your listing and a form that needs to be signed by you.... more
If you would like to work with a highly skilled real estate professional in your area, I would be delighted to recommend someone to you. You see agents in the profession know what to look for in an outstanding agent. What is their Internet presence, do they make custom flyers, do circle mailings around your home, syndicate you to 50 or more websites, what is their presence in Google, do they do broker opens for you, and what are their real estate certifications? These are just some of the concerns, but the bottom line is that your agent may have done all this and more for you already. The market is tough but you will need every opportunity to sell a home that is not at the current market price. Remember though price will be your number one factor in whether you can sell a home or not, and also remember that this is a historic buyers market.... more
Never heard of not mentioning a bathroom if it's in a basement. Call your board of realtors in the area you live and ask them. We agree that listing 2 baths, instead of 1 is a bigger incentive to buyers. Maybe you need a CO in your area and that is what your realtor is concerned about. In any event, ask him exactly why it is not permitted.... more