selling my home

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Dennis Gerard

Dennis Gerard

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I'm selling my property in Florida and moving to Tenn. Due to FHA and VA having a hard time selling my home they won't approve it. long story.. So my question is I might do owner financing and was wondering what everyone is paying for a mortgage payment, don't want to make it to high for buyer...... or wise they will not be able to pay...
 
I believe I would check prices in the area the home is in. Good to hear your coming to Tn. I live 30 miles from the line.
 
You should probably figure out market value and sell it for that.
Would you sell a 500k home for 1k a month so that someone could afford it?
 
That's usually determined by the selling price and the interest rate. Or are you going to just take straight payments, no interest. What city is it in?
 
upper limit is determined by what the house appraises for
a bank simply will not loan you more money for a house then it is worth
 
WAY more complicated than what the OP makes it sound.

Fist stop- look at zillow and see what they think.

Now look at "comps"- comparable properties and see what they sold for and when.

...the figure if they were remodels or cash sales...
 
Dennis Gerard said:
So my question is I might do owner financing and was wondering what everyone is paying for a mortgage payment, don't want to make it to high for buyer...... or wise they will not be able to pay...
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If they can't pay, they can't afford it.
 
Bad Sport said:
If they can't pay, they can't afford it.
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^^^ This right here ^^^
A few years ago I had a mobile home I sold as a "owner finance" or a land contract as it is properly referred to. That turned into being worse than renting the damn thing out which is what I was try to get away from. If something broke, or some sort of normal maintenance had to be done, I would hear about it when it came time to collect payment. It was the same old thing, "you ripped me off" because they had to fix something. Of course they were short on the payment because of it. They had a couple of kids, so you could just about count on just before school started and Christmas they would be short on the payment too.
Fortunately the attorney that wrote the contract for me set it up as a lease to purchase agreement. That allowed me to evict these people the same way as a renter as opposed to filing a home foreclosure. The eviction took 3 months, the foreclosure could have taken over a year or better. So keep that in mind if you do decide to go that route.
In the end, I wound up taking a loss on this thing. After the damage the people left (a common thing with low income people for some reason) I took a loss. The appliances were all gone (they were all less than 6mos old when I sold it) walls were caved in, they even busted the bath tub. I sold it to a mobile home broker for $700 and the removal from the property. I was happy to get that.
 
a little more info... selling home for $169,900 min down $30,000 so would leave someone with a $120-$130k mortgage..

so payment would be $1000-$1400 10-15 year.. I paid cash for both my houses so don't have any idea what people pay now a days for payments
 
I don't think I would do owner finance. I would just relocate. Keep the house listed with a realtor. Somebody will buy. Its a good market.
 
Good time to sell, bad time to buy.
 
Like R4Sedan said, list it with good knowledgable realtor. If you do owner finance, be sure to get enough down to cover any and all selling costs you will occur, plus some sweat equity. Sell it "as is". Charge more interest as you are the banker. You will get lots of buyers with NO $$$ if owner finance. There is a lot of paperwork in most stares required, and an attorney will be part of your costs too, perhaps survey etc.
I would get a good realtor!
 
There is a good reason the V.A. & F.H.A. won't approve the home . they are really minimal standards.
 
383Scampman said:
There is a good reason the V.A. & F.H.A. won't approve the home . they are really minimal standards.
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The reason VA and FHA won;t approve the property is: It's a mobile home and was moved here after the old house burned doing hurricanes and mobile home was used 3 years old...
 
How much land?

A $170,000 MH gotta be N I C E !
 
383Scampman said:
There is a good reason the V.A. & F.H.A. won't approve the home . they are really minimal standards.
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FHA can be anal retentive. I have never used them and never would, just me. Anyone buying a home should have a good inspector look it over and FHA VA and lender will require that to. The BS that se will use to disqualify a home varies by state area, and the govn't guy doing it all.
 
Zillow thinks you're over priced by 25K and your neighbors are WAY less.

Not saying you're out of line but those things do enter into the equation and should be addressed.

You know the common real estate saying- "better to have the worst house in the best neighborhood than the best house in the worst".
 
BTW- a group of friends and co-workers used to have semi-annual camp-outs at Ginnie Springs.

I LOVE the topography of that area.
 
YY1 said:
Zillow thinks you're over priced by 25K and your neighbors are WAY less.

Not saying you're out of line but those things do enter into the equation and should be addressed.

You know the common real estate saying- "better to have the worst house in the best neighborhood than the best house in the worst".
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Bought a house last year. Had a great agent. He was very optimistic about Zillow. He stated it can be very inaccurate. Said people would try to sell the house for what Zillow said, and the banks wouldn’t approve the loan(sometimes, not always). Not an expert, but that is what I was told by a dude that does it for a living.
 
Check out homes in area that sold and how long it took. You always want to price your home in the "market", you can always come down and haggle and is expected many times. But if it is overpriced and on the market too long, it sends up a red flag as why and what is wrong!
How to get a value? Pay an appraiser, check County tax value ( if that is indication in your state), have 3-4 GOOD realtors come and look and get their opinion.
Be aware that upgrading the home may increase value, OR NOT, but can make it more salable. Value of outbuildings may or may not add to value.
 
Zillow is what it is.

A decent tool, if used correctly and a damn good place to start.

If you're real sharp you can use the resources available (zillow, trulia, prop appraiser, etc) to do a better job than professional realtors!
 
I spent 9 years back in the 70's as lead appraiser for a Farm Credit office. I am retired and tired today, but I help my wife with her rural real estate business of 11 years, she sells small acreages and homes here is rural SE Tx., , and last month she sold a 1500 ac tract. Next sale to close will be a small home on a few ac.
Comparable sales will tell you or anyone the general value of your property. The key is to have GOOD info on the sale properties, and be able to honestly compare. Don't be barn blind.
The world is full of inadequate realtors, so when I say a good one I mean a good one.
I see properties offered for sale by owner, some times it works, most time not. Most buyers now days check out the listing on the puter, and I don't mean facebook either!!
 
Dennis Gerard said:
only figured home at 35k land at 100k barns at 15k and new drain field fencing well at 15k


https://www.zillow.com/homes/for_sa...790861,-82.71246_rect/14_zm/1_fr/?view=public
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Not sure how you can expect to be reimbursed for putting in a drain field to make the home habitable. Between my own home buying experiences, and my wife being a Hernando county Real Estate agent for 13 years, My opinion is that people who try to sell their own homes usually want too much for it, or don't want to pay a realtor for her work. I tried it myself back years ago. All I got was a bunch of trash tromping through my house, and some foreigner trying to screw me. Get the house appraised properly. you aren't required to, but it keeps you from having unrealistic expectations. If the potential buyers can't get conventional financing, they probably can't afford the home, and you will have nothing but trouble. All issues with this will be your problem for the next 15 years. Plus, if they can afford that much in payments, they can probably get financing for a properly priced property. Also, why won't FHA, or VA give a loan on the home? What's wrong with it?
And, Gilchrist county is not in a desirable area. Not close to beaches, entertainment, etc. Not trying to pick you apart, but trying to help you get it done.
 
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