Selling on contract vs lease / buy option to FEMA waiter
Hello,
I'm in the midwest, have had a house on the market for nearly 2 years, started over priced, market dropped and we've been making house payments on two homes now for too long.
We now have two interested parties that want to buy our home but aren't in a position to get a loan. One family was flooded out of there home in a nearby town, and is waiting on a FEMA buy out. The other couple has a home a few hours away that they don't want to sell for another 8 months (it is not listed) because they need it until he/she is done with college. They love our house and want to buy it and keep the other one until May.
Sooo... what can we do? We're at 149,000 as the list price. We were thinking of asking for a land contract that is due in full 1 year from now... thinking that FEMA would finalize by then, or the other couple would have their house sold (optimistic).
I just don't know how much to ask for down. Plus how much per month? I understand the buyer needs to pay insurance but what about taxes? And the dumbest question of all. If they pay us 8000 down and 600 per month, does all of that get deducted from the 149,000 after the 1 year is up and that is what we close on?
Thank you!!
Julie