If you are considering selling your house to someone like me, that is someone who is buying your house to make a profit and does not plan to live in the house, there are some questions that you need to ask before signing anything.
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1. Are you really buying the house or just buying an option to buy, hoping you can sell it to someone else? If you fail to find a buyer, what happens to me then?
2. If you are taking over my loan without assuming it, what does that do to my credit? Are you just putting me into even more trouble?
3. Where do you get the money you need to buy and how fast can you get it?
4. Are you the final decision maker, or will you wait until the day before the closing to tell me your partner does not approve of the transaction?
5. Will the closing of the sale take place at a law office or a title company? Should I consult with an attorney?
6. If you do this incorrectly, will it damage my credit more than the risk I now have?
7. What is the likelihood, that you can really solve my problem?
8. What could delay the closing and what are the most likely things that will delay the closing?
9. I've heard a "short sale" could not only damage my credit, but will also cause me to have an additional income tax problem. Is that true?
10. What is the chance that you can get my lender to take less than the full amount of the loan?
11. What else can go wrong?
I'm not sure there are 100 per cent perfect answers to these questions, but asking them will give you an idea of the experience and skill of the person you are taking to. And there certainly are some answers you do not want to hear from the person who is trying to help you out with the quick sale of your home. Email me at george@AdvancedRealtyTeam.com, and I'll tell you what I would like to hear as answers to these questions.
And, of course, depending on the individual circumstances, there may well be additional information you will need to know before making a decision.
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