Nothing down means nothing risked. It would be a pretty sweet deal for him and likely a not so great deal for you. What if he walks because he has no "skin" in the game....how is that beneficial to you? What if he rents the unit and it gets destroyed? Again, he has no skin in the game so he can walk and you get the damaged home back with no money received in advance to make the repairs. I don't blame the agent for trying as we'd all like to get a cherry deal like that, but those are very few and far between. My guess is he will turn around and sell the home at a little over fair market value, get a sizable down payment and carry the note at 8% or more, making money on the monthly spread and getting the down payment you didn't require.... more
OWC or owner will carry deals are about like a rental being rented and lenders look at them as less than a liability as long as they are rented and you can produce a years lease. Ask your lender how they look at them, I would think they will want to see how it is structured and since there are no rules about OWC deals they will need to see it in writing.... more
Not all agents are created equal and have the skill set that you need.
My suggestion is to interview three other Realtors and ask them to analyze your situation. If you like I can refer you to a top agent in your area.
In the last eight weeks homes have been selling. Look at the link below. Only the best values are selling in Amarillo. What you need are boots on the ground to give you the honest feedback so you can get your home sold.... more