selling options - Posted by John

Posted by Tony-VA on September 16, 2002 at 08:24:00:

I am curious Mary, under what reasoning do you find a contract for deed to be the best scenario?

Do you even Know what state John is from? Could he have been from Texas where your advice would have been horribly wrong unless he understands the newly changed laws?

Did you consider other options such as: Market and sell for cash for example???

Did you consider that a lease with separate option may well be a viable alternative for sale and control of this property?

Have you had any experience with contract for deeds? They are not bad but they have their pro’s and con’s that should be considered or at least conveyed when giving advice based on little to no information about the property, location, market or even state.

Is this property a good deal? In my area, a single wide with some land for $20k is about a double or triple in baseball terms. That same deal, closer to a large town or city would be a home run. Could you point out where John described his location or market?

Are their alternatives for John that would make him more money? Absolutely. Do they include contract for deed as a means. Nope. Can a contract for deed be a viable alternative? Certainly, under the right conditions and exit strategy.

Exit strategies, it would seem, are the “selling options” that John was referring to. Not a quick, off the cuff, uninformed “yeah do that” type response. How about explaining why he should do this as opposed to other solutions.

John, you do have many alternatives. The ones at your disposal will depend upon what you are trying to accomplish. Is a cash sale something you are interested in? Do you prefer long term income? HOw do you want to control the deal? Have you considered selling the home on a note (if it is not encumbered by your loan) and renting the dirt for the rest of your life?

There are many exits but in order to really be of help to you we would need more info.


selling options - Posted by John

Posted by John on September 15, 2002 at 20:11:20:

Ok, I finally did it. I bought a nice mobile home and the lot today. 22,000. I would like some advice on how I should sell it. Because I paid cash I was thinking on an agreement for deed. The possible problem is everyone is telling me it’s not a good idea because trying to get rid of the people if they stop paying is very difficult. Should I consider a Lease Option instead or stick with my orginal plan? Thanks in advance. John

Re: selling options - Posted by Mary-VA

Posted by Mary-VA on September 15, 2002 at 22:02:30:

AND YOU GOT THE LOT TOO? Great! I say you are right, contract for deed with difinite clauses in contract that will get them out fast if they default.