Or do I have to receive payments?
My assumption is that the buyer gets a mortgage loan from the bank and has to pay the bank back but the seller gets the full amount up front.
Is this true.
2007-06-24 19:46:35 · 8 answers · asked by Mommy 1 in Business & Finance ➔ Renting & Real Estate
I am selling buy owner. That's my new profession. To buy run down houses and condoes, fix them up, and resale them.
No realtor fees here.
2007-06-24 19:52:50 · update #1
The houses are paid off.
2007-06-24 19:53:50 · update #2
You are correct that the buyer gets a mortgage to pay for the house. You get the full amount less any deductions like realtor's commissions or other closing costs that you are responsible for.
2007-06-24 19:51:34 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
The seller gets the full contract sales amount minus any loan (s) owed the bank, property tax owed to the date of closing, closing costs for title work, gas & termite inspections and of course any Realtor's commission at closing.
The title company pays your bank off at closing, not the buyer.
You don't receive any monthly payments unless you are selling the house owner-financed, which is only a good idea in desperation.
2007-06-25 02:52:58 · answer #2 · answered by Ginger 6 · 0⤊ 0⤋
You can hold the note like a bank if your house is paid off. You will make much more money that way. If not, they will have to go to the bank. What you owe on the house will go to your mortgage holder, all the taxes and fees will be taken out and what is left over is given to you. Don't forget, you will have to pay capital gains tax if you made allot of money on your house.
2007-06-25 02:50:15 · answer #3 · answered by holeeycow 5 · 0⤊ 0⤋
Money goes to the realtor & you need to pay the mortgage co whatever is left on your balance - you get the rest.
2007-06-25 02:54:17 · answer #4 · answered by mkt 5 · 0⤊ 0⤋
Yes, that's correct. (That is, if you did not agree to carry the note.) You get the full amount of the purchase price minus any closing costs, or other costs you agreed to pay per the contract of sale.
2007-06-25 02:51:48 · answer #5 · answered by Green Eyed Girl 2 · 0⤊ 0⤋
Well that's trueth but if you get the house in better conditions you would get more money...they like check the house before you put it in sale...Thats what I recommend so you get more money (even if the bank is taking a lot of money)...
2007-06-25 02:51:01 · answer #6 · answered by elteachel 2 · 0⤊ 0⤋
I think it's up to you and the person buying? My guess if it's not your choice is that they'll give you payments.
2007-06-25 02:50:27 · answer #7 · answered by MLVNDMS 2 · 0⤊ 1⤋
more or less.... the realitor will take their cut etc... and of course you have to pay sales tax... etc
2007-06-25 02:49:21 · answer #8 · answered by Kimberlie H 4 · 0⤊ 2⤋