Not sure your Buyer needs a down payment or earnest money. Would consult your Attorney for that legal advice. Just my opinion that YES I would personally rather see a Down Payment to be put into escrow as it makes for a more comfortable transaction. Best of Luck!... more
An assumable mortgage is a great option that has reared it's head again after being dormant for years. The real benefit will be when you do sell because you will have a marketing advantage over other homes. The bank will still require the new Buyer to qualify for the loan, so it is not easier per say. But think about the potential upside if interest rates rise (very likely to happen...soon). If a Buyer is considering two homes, yours with an assumable 5% mortgage or another where they will have to secure new financing at say 7%. Your home is much more marketable due to the cost savings over the remaining life term of the loan. They may need to get a second loan to cover the principal you have built up and that would be done at the higher rate, but even a portion of the loan being lower will definitely be to your benefit.
Hope this gives you some insight to your concerns.... more
First, you should hire a Professional Real Estate Agent to list and market your properties.
I would suggest listing the properties in 3 listings.......One listing for each house and one listing for both houses.
Good Luck... more
I'm not sure about the market in Scranton, but a lease-option might be a good scenario for you. Ask the buyer for about a $5,000 option deposit, charge them market rent + $200 more, which will go towards downpayment and sell the property to them for your asking price in a year or two. It might be a win-win option.
Even if you find a buyer who will want to buy your house by owner, it doesn't mean that they'll get a mortgage for the house. I would suggest reading and learning more on how lease-options work.
It should still work if the buyer does not want to renegotiate the price. It will however mean that the buyer will need to come up with additional DP money to keep the rate quoted for a loan of 80% of the value--in addition to accepting that they are paying $10K more than the appraised value.
That leaves it up to you. Ask your listing agent what you should do to keep the deal from falling apart.... more