Men, men everywhere ...

[Getupngo]

... and they're all working to make my house beee-you-tea-full. I love remodeling with my index finger ('put that over there ... you missed a spot here ...').

Met with my realtor yesterday ... and I asked if she felt like an oncologist delivering bad news: "Yes, the surgery will probably kill you, but the bad news is that there is a two-year waiting list at the funeral home."

I mean, I'm participating in real estate karma. I just financially beat the pants off of a condo seller in St. George, and now I'm hanging a "kick me" sign outside of my house. Such is the new economy.

First she tells me that the average price a house sold for in my neighborhood is $40 K less than the appraisal I had done last fall. She wants me to consider seller financing in order to make the house more attractive in a sea of foreclosures. In other words, attract those potential buyers who have already defaulted on a home and can't get new mortgages.

Such is life among those with stick houses.

[Bethers]

Best wishes on you being able to find the right buyer - at a decent price for you. It's tough in the market now, I know. That said - make your house sparkling, so that it beats the pants of the others anyone looks at. Good luck.

[retiredhappy]

Another reason NOT to do owner financing is then you're dealing with someone who, if they don't pay, you can't just give 30 days notice. I would continue renting my house rather than do that.

[ohlucy05]

Congrats on your new condo! It looks very cute and gives you a great home base. If/when the time comes that is how I want to do it the same way. Condo/small rv to travel and have a home base.

That being said: You threw a big red flag:
You said:
She wants me to consider seller financing in order to make the house more attractive in a sea of foreclosures. In other words, attract those potential buyers who have already defaulted on a home and can't get new mortgages.

If they defaulted the first time - what makes you think that they won't feel it just as easy to walk away a second time or third time. There is a reason that banks are very picky about who gets a mortgage - credit scores of 720 and above .

I don't think anybody's job is secure anymore with this economy....and that includes teachers.

I hope that you really consider the implications (tax and otherwise) about tying up your money with owner financing. I hope that you talk to your accounting people not just a Realtor whose job is to sell houses and make a commission. And anybody out there who is a realtor - please take no offense- I know you provide a valuable service and are making a living.

I also love Utah - it is a very beautiful, diverse state. And I wish you a quick sale with the right buyer.

ohlucy

[Getupngo]

Lucy, I'm right there with you about tying up my $$ with what could be a less-than-reliable buyer. Who's to say they won't end up squatting in my house while I have to go through the foreclosure process? My agent says we would qualify them and require they put up 20% so they would have skin in the game. But I'm reluctant.

Bottom line: I don't HAVE to sell this house, but it's tighter now with the condo fees & utilities. (Read: cuts big-time into gas $$ for the RV.) Of course, I could always work for a while ....

Agent and I did some math though ... what I would SAVE in house payments, utilities and taxes over a year's time is a chunk of change as well.

In the meantime, I have a crew of very scenic men making my house look good. So I can relax into that, for right now. ;~)

[sharon]

You could list it and if it doesn't sell, rent it with an option to buy in a few years. Not very appealing, I know, but sometimes you just have to bite the bullet. You would have to do a pretty good financial scan on the renter and a really good iron clad lease.

[Colliemom]

I know how it goes in this real estate market today and it gets frustrating. I've been considering putting my place up for sale too and then maybe renting a place in the U.P. after I get back from traveling a bit. Do want a home base. I work like crazy to keep the place up and yard looking nice and all that and even my neighbors agree, my yard does look nice as I keep it trimmed, weeded and cut. But here and again you wonder if it's worth it when there are a bunch of other places all around you up for sale and at preices less than what you paid for yours to start with. My neighbors on both sides are up for sale. And the one who just listed this past week is lower than anybody in the area right now. Does not bode good for those of us who want to try to get a decent price. So I sit an wait and watch.