Posted by Tony-VA on September 02, 2002 at 08:13:32:
Amanda,
What you have is really a Real Estate deal, and a retail (or higher if you overpaid as you indicate) deal at that.
Because your post seems to indicate that the land and home are part of the real estate and I assume the mortgage (or deed of trust if you are in such a state).
Since I do not know the real estate market you are referring to, it is not possible to determine accurately if this is a reasonable asking price.
I would suggest that you try and market this home to retail buyers first. You may even consider the use of a real estate agent (but do not get tied up in any lengthy contract as most realtors I have delt with do not specialize in land/home packages and as such do not always market them well). As always, there are excpetions.
If this does not work then you may try working with investors. I do not feel it likely that you will find one that will pay the $95,000 you have stated is necessary for you to receive.
However, an investor may be able to lease the home from you with the option to buy it at that price. The investor in this scenario would in turn lease the home with an option to buy to another person(s) at a higher price. The investor’s intent is to make a few bucks spread in rent and to work with the buyer to get them financed to buy the home. When the investor’s buyer is ready to buy, then the investor buys from you and sells to them (at the same time).
Much of your decision will come down to how badly (motivated) you need to sell. It also depends upon whether you need cash or just payment relief. If it is a “must sell fast” scenario, then an investor may be of service. If you can afford to wait a bit, try the realtor or try selling it yourself so as to get the loan paid off now.
Most often I find people like you that just need someone to make that loan payment right now. These people just want out but don’t want that loan going into default and harming their credit. Sometimes they have moved, divorced, lost a job etc. and no longer wish to remain in the home, or can no longer afford to.
I don’t know your situation but hopefully this post can give you an idea how investors may help if you are unable to sell.
Best Wishes,
Tony-VA