I have been trying to sell my house for six months now. My realtor's agreement is about to expire, so I thought of listing the property myself as I can sell it for less without the realtor fee. I was considering to advertise it with a land contract to attract more prospective buyers. I understand that there are new laws in Kentucky which gives the buyers more legal rights to the property if they happen to get delinquent on the payments. I understand that I would have to foreclose on the buyers should they default. What type of costs would I incur should I have to foreclose on the buyer? Has anyone had any luck with selling a home on a land contract? I was considering asking for foreclosing costs as cash down on the home, but if it is too much, there is really no since in considering it; as many people who would buy a home under land contract probably don't have any money to put down. Any answers are greatly appreciated!:D

Quote:

---

Originally Posted by wildcatgirl

I have been trying to sell my house for six months now. My realtor's agreement is about to expire, so I thought of listing the property myself as I can sell it for less without the realtor fee. I was considering to advertise it with a land contract to attract more prospective buyers. I understand that there are new laws in Kentucky which gives the buyers more legal rights to the property if they happen to get delinquent on the payments. I understand that I would have to foreclose on the buyers should they default. What type of costs would I incur should I have to foreclose on the buyer? Has anyone had any luck with selling a home on a land contract? I was considering asking for foreclosing costs as cash down on the home, but if it is too much, there is really no since in considering it; as many people who would buy a home under land contract probably don't have any money to put down. Any answers are greatly appreciated!:D

---

You are better off to rent with an option to buy and collect a large down payment... otherwise, get 3 comparative market analysis (CMA) from 3 other Realtors as your home may well be overpriced.

Unfortunately, my house is overpriced for my area, but only because of the lot and condition. Most of the homes that are less than mine are listed as hud homes, foreclosures, AS-IS-no warranties, and so forth. I have the largest lot on my side of town as I bought the lot next to mine. My home is also move in condition. Granted, it's not the largest house in the area, but it's still in a lot better condition than all the others I have seen in the same range. I live in some what of a poor area and this was a starter home. I am afraid of renting it as my father-in-law has rental properties and they always get destroyed. I know if I could at least get someone to look at the home, I could probably close them on the deal. It's listed at almost the same price it appraised for 4 years ago, so I would hope that would help. I just need to get someone in the door on it. The market in this area is very, very dry right now.

Then a lease-option is your best solution since the tenant will be purchasing in a "time future" when the market will recover AND your sales price will be justified.

Do the same land contract laws come into effect under a lease option?