What is the best way to sell my home in the Franklin farms neighborhood? A lot of short sales and many homes people have just walked away from.

Asked by Dunawayc, Cordova, TN Sun Aug 11, 2013

I know I can't make any money off of my house just need to sale for a bigger home with more yard. How does a lease purchase work? I'm willing to let someone assume my current loan, is that a good idea?

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thinz, Agent, Allenhurst, NJ
Wed Apr 29, 2015
If you have a mortgage on your current home that you owe more than your home can sell for, you may or may not be able to let someone assume your loan depending on the investor that owns the note. If a gov't loan, it's possible it may be assumable. Need to check your paperwork on if it's assumable...I'm guessing it's not. A lease purchase could be a good idea for you to find a home you want to buy in the future, and to lease/rent it with an option to buy in the future....this could help as you wait for your home to sell. Ideally if you want to go for it all - you would find a home to buy straight out or with a lease/option purchase using owner financing, settle on the terms, and either rent out your other home while you try to short sell it with your lender. I've seen this happen many times where the lender will approve the short sale, but for you to buy something you need or lease/option it for a future purchase, the owner financing is the best way. The reason is after you complete your short sale, you will not qualify for purchasing another home with a mortgage for approximately 2 years. Another option instead of the short sale (if you have only one mortgage) is to request a deed-in-lieu of foreclosure on your current home. Has a more negative effect on your credit but if doing owner financing for your larger home, most times you can still complete the purchase...you just may need to provide a little more cash deposit to the owner for the lease/option agreement. Good luck.
Tom Hinz http://www.shortsaletosell.com 732-531-8282
0 votes
Goevans, Home Buyer, Cordova, TN
Fri Oct 25, 2013
Hey there! Are you thinking about doing FSBO or are you listing with an agent?
Either way it's really about approaching it with the "right" marketing and if your listing with an agent the "right" agent. There are many ways to do a lease purchase. Sounds like you have many questions, would love to talk through them with you .. so regardless if you are doing FSBO or listing, My name is Kelly Evans, I'm with Weichert Realty BenchMark I would be more then happy to answer any other questions for you. Feel free to email me at GoEvans@Outlook.com or call me 901-849-4663. You can also get me at http://www.GoEvansTeam.com
0 votes
Jessica Buff…, Agent, Memphis, TN
Mon Aug 12, 2013
Hi, I am a Realtor in the area and would love to talk to you about different options you have and help with selling your home. Please feel free to contact me at 901-282-8443 or jessica@ftrmemphis.com.

Thank you,
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