Thinking About Selling Real Estate On Contract

Selling on contract is a big decision. You are deciding to become "the bank" and provide financing to the buyer of your home. This can be a great win win for both you and the buyer. Later we will also discover that there are ways to cash these contracts out if you need to. Why would you choose to sell on contract?

There are many reasons to sell on contract. One is that you can get a premium price for your house. Yes you can and should charge a little more for your home if you are providing the financing. You may want to create an income stream instead of receiving a lump sum of money. It may be a bad market and you really need to sell quickly. There are many reasons why selling on contract would be beneficial.

I would advice retaining an attorney when handling any contract or Real Estate sale. However, there are many things you can do to lower their fee. For example do some research online and locate a good template contract for selling a home. Then make any changes to the contract and then have the attorney review the contract for your local area. This will be much cheaper than having the attorney create a contract for you or provide you a contract. Also having an attorney is great protection and can greatly reduce any liability and issues when selling your home on contract.

Of course you can still go through a Real Estate Agent. Just because you are selling on contract does not mean you do not have to deal with a Real Estate Agent. The buyer may have an agent and you may want or need an agent to find a qualified buyer. Of course you will still need to pay their commission if you go this route. Although, some agents may be willing to defer a part of their commission. They will most likely charge interest for this, but it is something you might try and negotiate. Although, it is not typical that you would have a Real Estate Agent when selling on contract. I just wanted to point out that it can still be an option.

In future articles I will provide some resources to example contracts; and go over some of the critical points; and make some recommendations on what I like to see in a Real Estate contract. I can not stress enough that you need to go through an attorney and have them review and evaluate any contract. We need to know it meets with your local laws and would be enforceable.

Well that's all for now see you soon,

usproper

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