Selling home--considering accepting land contract offer
Hi,
I've had my home in Pittsburgh on the market for the past 7 months. With the real estate market taking the downturn that it did, I've had few if any offers on the home. The home is priced right according to a recent appraisal, so I'm not worried that it's over-priced. Still, it just sits there.
Things would be better if I still lived in the home, but I finished graduate school and had to relocate to find a job. Now, I'm strapped with school loans, rent on my townhome, my existing mortgage, and two-times the utilities. Talk about painful!
Recently, a buyer put in an offer of a land contract. I had never heard of this up until a few days ago. I was advised by my realtor to contact a land attorney before proceeding. I've done as much, but I've also been studying this type of real estate agreement and find it to be a mixed bag of opinions. From what I can tell, 50% of people say land contracts are awful for both buyers and sellers. The other 50% say they are the boon of real estate existence. I need some straight answers because, you see, I am facing foreclosure if I don't do something with this house.
Any help, advice, or kind words would be greatly appreciated.
Sincerely,
tsmith:rolleyes: