All Forum Posts by: Loli Nad

i did live in it before putting it up for rent. the law does not require that I had lived in it during the most recent years. this is why "selling" before the 3 years of renting it is up so that i still meet the 2 of 5 years criteria. 

you might be right. i have no clue as to the intricacies of such an arrangement. i've only heard of it as an option given the right scenario. i'm thinking i at least need a bank involved to set up the payments...and probably a real estate attorney create the terms/documents. 

I'm wondering if there is a resource for seller financing apart from reaching out to my local agent or bank. I've had the same tenants who have been paying market rent for nearly 3 years. My plan was to sell the property at the end of 3 years so i can carry the tax base  (from 30+ years ago) to another property. CA requires that I lived in the property for 2 of the last 5 years to take advantage of Prop 60/90 for seniors to carry the tax basis to another property of equal or lesser value (once in a lifetime option). Therefore, the deadline is coming up, and I've been renting an apartment while getting income from the property in question. The tenants are paying several hundred more per mo than a mortgage on the place, so they were hoping to buy it this summer. Of course, we get a pandemic. If the typical bank mortgage is difficult during these times, I wish to explore the option of seller financing.