You culd but it may honder your sale. Investors like having tenants however anyone looking to owner occupy it will want and need to have it vacant at closing in order to get a mortgage to buy it. A good listing agnet can assist you through the pros and more often cons of doing so,... more
If the Seller (Owner) has substantial Equity in the Property, then they can carry that for the Buyer:
In the extreme; if the Seller owns the property, outright, then they can do anything they want, a Bank does not have to be involved at all.
If you have such a situation, you can sign a NOTE with the Seller, putting down anything they want, or nothing. You can set any Interest Rate, etc.
Please involve a Realtor to protect your interests.
Good luck and may God bless... more
Yes, that is generally how it works. Your Realtor is still going to be responsible for finding a suitable renter, putting together a lease / contract, etc. so that is why there is still a fee. There is also the extra part of adding into the contract the circumstances surrounding the rent to own option that isn't part of a regular rental agreement. Good luck!... more
Most people do not seek approval , they just do it. However the correct way is the way you did it. An investment property is riskier than a primary residence. An invetsment loan requires a higher LTV and usually as a higher interest rate. if you bank says no, you should ask an attorney what your options are. good luck with your move... more
Basically, you can include all sorts of selling expenses in the cost basis of the house, thereby increasing your adjusted cost basis and decreasing your capital gain. What counts as a selling expense? Any reasonable and customary expenses to get your house sold. This would include all those fees you pay at closing, plus any improvements that prolong the useful life of the house. Use the link below to IRS publication 523, it is very helpful and easy to read, if you have any more specific questions to your circumstance.
Robert A. Martini
Keller Williams Real Estate
As a young real estate professional I completely understand where you're coming from. If we can get together I promise to be very upfront and explore together with you every single one of the options you mentioned and talk in depth about what would truly serve your wants and needs. I would love to hear from you at 215-360-7573 or shoot me an email to firstname.lastname@example.org.... more
Listing agent should be able explain in detail all particulars. All is governed by executed sales agreement between seller and buyer. Escrow money in title requires amendment executed by seller / buyer presented to escrow agent.
There is an option period if buyer within that time period based on agreement can cancel with full amount of earnest money returned.
However without reviewing executed contract difficult to state.
If you don't have an agent confer with attorney OR title company
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Until a Mortgage Loan Officer comes along to answer your question, here are some links that will acquaint you with FHA and the Qualification Process (the Ginnie Mae Calculator Page applies to FHA and VA Loans):
Best wishes to you,
Quickly? Possibly. Profitably? Depends on what homes in your area are selling for and what's left on your mortgage. If you don't have the time or money to clean or make repairs then you're home will not show well and could take longer to sell unless you discount the price of the house to make up for what the buyer may have to do with it. But it depends on what you mean by cleaning it up. Is it that the home needs a little paint? Or does it need a new roof, floors, windows,etc.?