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Updated about 2 years ago,

User Stats

184
Posts
69
Votes
Kelly G.
  • Florissant, CO
69
Votes |
184
Posts

Seller financing: Qs from the owner . .

Kelly G.
  • Florissant, CO
Posted
I will be looking to sell my SFH in Milw soon.  Have lived in it > 2 years - so I can take the tax credit - expect sale around $215K.  No mortgage - owned free and clear.   Also likely to sell as FSBO (w/ mls listing)

Now:  I've tried searching for other posts - but there are 98 pages of them just in the last year! and I browsed through 5 pages of them . . .  and most are about 'buying' not selling using owner financing.

So - am wondering if I should consider owner-financing?  I am thinking that with interest rates going up and up - I might attract more buyers (?) with a 'lower' (?) rate???  What would be a reasonable OF rate in today's market??

Also - As I am in a very low tax bracket - am I better off taking the $$ 'tax-free' - or possibly paying a very small amount on the monthly 'income' as OF?

What should I think about in considering this option? 
- cash vs income (and taxes?) - got it; 
- hassle?? - I guess only if they stop paying;  
- I gotta say I like the idea of making more $$ on my house - but at what cost??  locking up that $$ - I will likely be buying another property in a year - land probably - so  . . .    

Basically - I need more info:  Any suggestions for the best place to learn all about this - books, website etc - as the seller  (from trusted sources (BP members) - not generic google searches)

Really appreciate you time and comments

Kelly


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