Is it a hard process to sell a peice of land I still owe money on? Im 20 and I hae a 10 yr/loan on it...well the owner financed it at 15% I am about to get out of the Marines and with a normal job back at home the payments of the property will be hurting me a little? Can anyone give me advice?
2006-10-28 08:40:06 · 5 answers · asked by jmol72001 2 in Business & Finance ➔ Renting & Real Estate
The owner who financed the property has a major problem so don't do anything with the property until you have talked to a professional regarding the owner financing. But that aside you can always sell property that is financed. The loan would need to be paid off in the course of the transaction. It will depend on the state that you live in how that works. In that process the new buyer provides funds to pay for the property and a portion will go to pay the loan and the remainder (minus fees) to you. If the new sales price were less than the loan you would be required to put up additional money before the transaction could be completed.
Get that dirty dog that loaned you money at 15%. Find yourself an ex-Marine attorney. That will teach him to mess with a Marine.
The following link will provide a list of usury limits for most states. Find you state and locate the general usury limit or rate. The owner can not charge more than that interest rate at the time the loan was made.
http://www.lectlaw.com/files/ban02.htm
2006-10-28 08:53:13 · answer #1 · answered by ? 6 · 0⤊ 0⤋
Sure you can sell; why not? You pay off the outstanding loan with the sales proceeds, and pocket/bank the rest.
2006-10-28 15:43:41 · answer #2 · answered by shkspr 6 · 1⤊ 1⤋
You can sell it and pay the bank whatever you owe them.
2006-10-28 15:42:59 · answer #3 · answered by eagle 2 · 1⤊ 1⤋
Yes, contact me about the owner financing. arc2051@hotmail.com
2006-10-28 15:41:38 · answer #4 · answered by Anonymous · 0⤊ 3⤋
keep your land....u dont know what gonna happen n future
2006-10-28 15:45:55 · answer #5 · answered by Anonymous · 0⤊ 1⤋