Posted by Rich[FL] on January 09, 2003 at 16:46:16:
In Reply to: I know I'll sound like an idiot, but humor me posted by Lisa in Tulsa on January 06, 2003 at 22:30:38:
I'm surprised no one has answered you yet Lisa.
Let me throw a couple of things out at you off the top of my head. First, you could lease-option your property to someone who wanted to buy it but either couldn't close right away or needed time to build some of their credit. You'd be a "landlord" in this case, but generally people who lease-option houses do so because they want to eventually own the house, not trash it like so many "typical" tenants. And a typical lease-option contract has clauses stating that the tenant is responsible for repairs (except for possibly capital repairs, like the roof, heating/cooling, etc).
Another quick idea is that you could sell the house on a contract-for-deed. Essentially the buyers will be paying you their mortgage payment (which, I hope, would be higher than your mortgage payment) and you'd make your mortgage payment to your current lender.
There's a lot of details to be filled in for any of these choices and there are, of course, pros and cons for each. There may be other possibilities for you too. May I suggest you try going to www.creonline.com and posting this questions there. You may possibly get more great ideas from the people who frequent that site.
Good luck!
Rich
- Re: I know I'll sound like an idiot, but humor me Tilly Clawson 07:03:28 11/22/2004 (0)
- Re: I know I'll sound like an idiot, but humor me Ernist Agar 05:28:50 9/28/2004 (0)