Posted: Wed Oct 15, 2008 4:20 am Post subject: doing owner will carry full amount
I am still in the process of coming to terms on an agreement of owner will carry. I'm the owner. The house is fully paid for. Just need the money from the house to pay for this new house. Wemoved because of medical reason to the next state over.
This person has lived in the house since Aug 14, first payment was not due till the 15th of Sept. giving her a month grace to get her self in place to start making payments. 800.00 a month, 160,000 in interest is being charge. I got my asking price due to the fact that the real estate market is so bad at best an agent would sell it for 130,000 you know after closing and all, I'm loosing money on the house that we paid only 165,000 for and lived there just 9 months.
This person just has no clue what she is getting with no interest on 160,000 just asking 800.00 a month payment. With plans of making double payments on the house we are buying now at 5.6 interest for 160,000 we put 25,000 down.
Our mortgage with insurance and taxes is 1012.69. I tried selling the house last spring and the agent showed it once in 3 months. With the house being empty the insurance cancelled us. It really got to be a mess in this backward country type place.
It's a nice 1990 mobile home 3 bd, 2 bath fire place on 1/2 acre fenced yard, irrigation, sprinkler system wood decks in the front and back of the house. Everything in working order, great location down the road could become a commerical property as the area grows.
How do you get the person to understand a no interest deal is a one of a kind deal. savings of about 2 -300,000 in interest. To make the payments in a timely manner without the excuses of not wanting to get hit with a penatly for being late based on the mail. i replied the mail runs pretty faithfully 6 days a week, if payment is late it's because the sender sent it late. Or with payment due on the 15th, and the 15th is their pay day they are worried about the check beating her pay check to the bank.
Is it me or is this person lost. This info should have been mentioned back in Aug, not in Oct 8th. I'm ready to back track fast because this person has no ideal what is happening with a no interest loan, really just wanting what we have tied up in the house back. We put new windows all the way around in the 9 months we was there.
If we are still dealing with the terms of the contract. by law she is looked at as a renter with no lease.
She has gotten defencive, saying how her charater will speak for her and that she's good with managing her money. Telling me about her pay day and not wanting me to cash the check before the 15th, because the check might beat her pay check to the bank.
How can I turn this around? I have worked with an attorney telling me to work out the detail of the terms then come back and have the contract done up. Everything I'm saying is putting this person off. Help!
Yes, your attorney is absolutely right in saying so. If she is not listening to you, you can fix an appointment with the buyer through your lawyer and deal with the person tactfully. You should ask your attorney to deal with the buyers.
bgina77
