Whose house is for sale? - Page 2 - Mothering Forums

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Old 04-22-2010, 09:24 AM
 
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chimomma - Ok can you clarify something for me? If you bought my house for, say, $200,000 and did seller financing, but you can't pay interest, does that mean I will get (let's very much simplify things) $10k per year for the next 20 years for a total of $200k? Because the thing is, if I got a lump sum I could be investing that money in the meantime to make up for inflation, etc. So it would be worth way more than $200k. I think that's the whole idea of interest. Maybe I'm not understanding, but it sounds like a bit of a raw deal for the sellers. I think if someone were to approach us asking about this, we'd say no, unless we really REALLY needed to sell our house and you were our only option. I think I am pretty sensitive to various religious convictions, so that would probably be the most likely reason given to make me say yes, other people may be different.

I think you should make the rest of your offer look really good...don't try to lowball and ask for seller financing too. I'd present it in such a way so that the sellers are getting a ok deal too, and make sure they know that. Maybe have a lawyer draft the offer but then have your realtor write up a note explaining how it works and what's in it for them? I don't know.

Good luck though! I hope you find someone willing to work with you on that! I know every once in a while I have seen house listings where it says "Seller Financing Available."

I am insanely curious though, so don't answer if you don't want to but I hope you don't mind if I ask two questions: a) what religion is this? and b) how do you get good credit without having transactions involving interest? Just make absolutely sure you pay your CC on time?

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Old 04-22-2010, 09:45 AM
 
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Ok, chimomma, I googled a little bit. I found this page that may help you out. Don't know if Islam is your religion but it sounds similar to what you were saying. Basically, this page makes it sound like the way to do it would be to work it out in a way that extra money is paid to make up for the interest, but this money is not called interest. Not sure how well that would sit with you...I really don't want to criticize anyone's religious convictions, and maybe I am still misunderstanding, but I don't think that would sit well with me if I had similar convictions.

I also found this warning/disadvantage for you, the buyer, that I thought you should be aware of if you are not already:

Quote:
Are there any disadvantages? Of course there are. For one, the buyer could pay the loan in full but still not receive title due to other encumbrances not divulged by or unknown to the seller. The buyer could make payments faithfully, but the seller might not make payments on any senior financing that may be in place, thus subjecting the property to foreclosure.
from http://www.finweb.com/mortgage/seller-financing.html

I think you would want to have your down payment be as large as you can get it.

I also think you would probably be better off starting a new thread on this topic. I couldn't resist responding here. Link us here if you start a new thread so I can continue the conversation. I hope it works out for you.

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Old 04-22-2010, 09:51 AM
 
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Sorry for the serial posting but in other news...

We had our first showing yesterday!

We are having an open house this weekend.

And I don't know if I updated this thread or not, but DH got the job he applied for back in our home state, so we are going to be moving middle/end of June. I sure hope our house sells by then. Actually I was really hoping it would be under contract by the end of April for the tax credit but things seem to be going pretty slooooowly.

Maybe we'll get another showing today! Or three! We can hope.

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Old 04-22-2010, 01:22 PM
 
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Old 04-25-2010, 11:55 AM
 
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We got an offer! The only people who have looked at our house so far. We have countered the offer and are waiting to hear back.

Does anyone else have updates?

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Old 04-25-2010, 12:02 PM
 
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We have a contract!! UUGH! Finally!! After 17 months!!
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Old 04-25-2010, 12:47 PM - Thread Starter
 
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Awesome!! Congrats to both of you!!!
We are in our new apartment and basically unpacked. We had settlement last week and it's a done deal, money is in the bank!!

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Old 04-25-2010, 12:58 PM
 
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So happy for those of you who have sold!

We just sold our house as well and it was such a process! We moved into a new house as well and that was super stressful as well!

Congrats to you all!

Mama to (DS 7) and (DD 5), wife to DH

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Old 04-25-2010, 12:59 PM
 
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Congrats on your offers!

Our house has been on the market since Monday April 19. We have had 2 showings and another scheduled for today. I'm sure these are the last-minute peops trying to get into contract by Friday. I'm hoping someone makes an offer soon!

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Old 04-30-2010, 01:10 AM
 
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WE got an offer then countered. They came back and looked again today. They left at 3:00 saying they were going to eat and talk about it. It is 10:00 and we still have not heard. We do know if they are going to make another offer they will have to do it tomorrow because they are wanting to get the First Time Buyer tax credit.
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Old 04-30-2010, 10:34 AM
 
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Oh, that sounds very stressful, mommy13! I hope you hear from them today and it's a good offer!

We have another showing this morning in a couple of hours. I have to do the dishes but other than that, the place is about as ready as it's going to be. I think I'll do some more packing this afternoon and start looking at the calendar for an open house/garage give-away.

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