I am selling a rehabbed house (or partially rehabbed) by owner. I am geting all kinds of calls on it, but half the people are asking to do a contract. I do not really know what this means and how it works. Can anybody help me? How do i do this, and what kind of terms do pepole do?
all property is sold by owner, no one else has the right to sell. all real estate is sold with a contract. if you are confused by this process you need to hire a professional, either a real estate agent or broker or an attorney to help with the process. you are lucky in that the marketing is basically done, but the transaction and contract is where you can totally lose your investment.
black95gt,
Why involve people you don’t have to for a simple contract to sell your property. Find a local title company and tell them what you want to do and use their paperwork. I have found most title companies are willing to help, after all the want your business.
They are really the bottom line on real estate paperwork, attorneys, realtors and investors one way or another submit their paperwork to a title company for approval, just cut out the middleman looking for a fee or commission.
Either way they will be able to give you the in’s and out’s of selling on a contract and explain it very well to you.
John $Cash$ Locke
Could not agree more! $cash$
So when people are asking me to sell on contract, are they asking me to owner finance the deal? That is the way i have been taking it. When i say i will do a contract, i tell them i need 10k down and then they are out the door.