Re: Home Selling Options?

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Posted by Mike McGinnis on August 30, 2001 at 22:02:50:

In Reply to: Home Selling Options? posted by Dave on August 17, 2001 at 10:17:50:

With good credit you should be able to buy your new home with little down. If the equity in your old home is greater than the amount you need down for your new home, then offer the difference as owner carry financing. Depending on how much that is you can structure the financing on your old home in many ways that are advantageous to a buyer. If your equity is as much as 30% of the sale price, your buyer could obtain a non-qualifying first and with you carrying a second, it would be ideal for someone self employed or with otherwise flawed credit. If you are comfortable with the possibility of foreclosing on a non-payer you could even offer a nothing down sale by selling part of the second at a discount for the cash to put down on your new home. All this presumes that you don't want to make your home more attractive to a buyer by simply lowering the price.

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