Newsflash: Contractual Agreement vs. Selling House

I am in a situation that I could use some advice for. My job is relocating me to another city. I have already purchased a home in the new city, but am having a very hard time selling my current house as a. I have only lived in the house for 3 years, so I don’t have a ton of equity built up, hence the reason I am selling by owner.I have met with a couple realtors, and after crunching the numbers, it looks as though I will likely owe money when the house sells. I frankly do not have the extra money put aside to take a loss on the house.I just met with a gentleman that is interested in a contractual agreement, instead of purchasing the house outright. He said he would take over the mortgage payments and have the title in his name. He would then in turn rent out the house out. After 2-8 years, he would purchase the house at what we owe on it. He offered either money up front, or money paid to us when he purchased the house in a few years.Obviously I would get a lawyer involved to make sure this contract would be beneficial to us, but this type of scenario is new to me. We wouldn’t take much of a loss on the house, but we wouldn’t have to worry about two mortgage payments. What are the pros and cons of this type of agreement?

Read more at https://www.reddit.com/r/RealEstate/comments/9t0p9k/contractual_agreement_vs_selling_house/?utm_source=ifttt

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Newsflash: Seeking advice

Hey I’m not sure if I’m able to make this kinda post here but I think I found a house I’d be able to make a good percentage of money on. I’ve been looking for a way to get a loan big enough but I don’t think I’d be able to get the loan with a bank because I’ve never had a credit card so I believe my credit score is 0 I’m only 19. I was wondering if any of you know how to get your score up quickly or any alternatives. Thanks

Read more at https://www.reddit.com/r/RealEstate/comments/9t0pqx/seeking_advice/?utm_source=ifttt

Newsflash: Need Some advice on land real estate decisions

I have been presented an opportunity to buy the land that is in my family, before it gets sold to outsiders. It is cropland in North Dakota at 640 acres. The value of the land is around 2 million. I am just an average Jane and wanted to know what I needed to do to try and buy this land.Would opening a business and buying the land under the business work? If so, do banks typically lend that much money to new businesses.So with this land, its not just sitting there, it’s currently being rented out by farmers and they pay an estimated 100k a year. With this income on the land, is it feasible to buy the land?Please help me with anything that can be of assistance. I do not know enough about real estate to know what direction I should take.Thanks!

Read more at https://www.reddit.com/r/RealEstate/comments/9t0qhb/need_some_advice_on_land_real_estate_decisions/?utm_source=ifttt

Newsflash: Buying in the winter vs summer? Is one season preferable? Why? Montreal, Canada

My wife has the opinion that we will have a harder time buying our first home during the winter and more people sell during the summer.Is there truth to this?I understand, people wouldn’t want move when it’s cold and there’s snow on the ground.As a first time home buyer is there a time of year that is “optimal”? Is it harder to get a decent home inspection during the winter months? If less people are buying in the winter wouldn’t prices reflect that?In my case we are talking about a house not a condo. Most likely a small single detached home, 2 adults and a baby, potentially a second child coming in the next 3 years.

Read more at https://www.reddit.com/r/RealEstate/comments/9t09wx/buying_in_the_winter_vs_summer_is_one_season/?utm_source=ifttt

Newsflash: Gas vs Wood Burning Fire Place

I currently have a wood burning fireplace in my home. I am considering converting it to gas burning. I got an estimate for about $1700.​Do people find that the resale value of the house has gone up because of the switch? Have Relators found that people prefer gas over wood? or vice versa?​Thanks!

Read more at https://www.reddit.com/r/RealEstate/comments/9synl6/gas_vs_wood_burning_fire_place/?utm_source=ifttt

Newsflash: 2nd property purchase closing question

Sorry, long post. Thanks in advance.We recently closed on a 2nd house that is out of state. We are using the same mortgage company. In August, the closing was supposed to start, but has since been moved back to last weekend. At closing we discovered that the insurance had been previously paid in August. We had no notice of this and were very confused as to where the payment came from. After researching it at the table for closing we found a history in our first house’s account on the internet, that a payment had been posted to 2nd house’s insurance.We have seperate insurance and hadn’t even closed on this 2nd house, merely started the process in August. Also seperate insurance companies. So I had to call the insurance to see that they did indeed have a payment. Yes they had the payment for us so we could close on the house that day. We did, and when I got home I called the mortgage company bank service center. There is no accounting for how or why they could do this and we were lucky to have been able to catch it before insurance payment came thru on the first house.Now is there a way to seperate these two properties completly, so this won’t happen again? How does this happen? I get no information from the bank or insurance company.

Read more at https://www.reddit.com/r/RealEstate/comments/9t0036/2nd_property_purchase_closing_question/?utm_source=ifttt

Newsflash: How will renting out part of our 2-family home for under market value impact our sale price? (Suffolk County, NY)

My wife and I bought a 2-family home when we moved to the area, it was a great deal in the exact location we wanted. We were looking for a single family home at the time but the pieces fell together and we became landlords. We live in the main part of the house and decided to rent the apartment to a friend for about 40% under market. I travel a lot for work and it was someone my wife felt comfortable with, they baby sit our dogs when we are gone, and it is super low stress situation for everyone involved. We are looking at selling the home in 8 months and moving cross country and want to know, is the current rental agreement something we are expected to share with potential buyers and how will be perceived or how can it impact our sale? When we bought the home there was a stipulation from the seller (redevelopment organization) that the home be owner occupied but that has been removed and I would expect the home to be bought by an investor as legal 2-family homes are rare in the area.

Read more at https://www.reddit.com/r/RealEstate/comments/9sz8fb/how_will_renting_out_part_of_our_2family_home_for/?utm_source=ifttt

New Story Just Out: Language Barrier Means Millions Of Elderly Can’t Access Alzheimer’s Trials

Yet another interesting headline in the world of health and well-being. Language Barrier Means Millions Of Elderly Can’t Access Alzheimer’s Trials
In the U.S., Alzheimer’s clinical trials are largely limited to fluent English speakers, which leaves millions of patients without the opportunity to participate and scientists without diverse data.

Read the full story here