I’m wanting to sell my house contract for deed. Can anyone tell me the pros/cons? It’s in South Carolina and I’m wanting them to do a purchase with $20,000 down. A small percentage of payment will apply to the principle so after 1 yr they can get financing. Their financing was denied because the husband works in Dubai and has only been employed with his job for six months so banks have denied a loan. I want to sell and these people have been in my house for the last four years.
What are the repercussions of contract for deed? Property Taxes, IRS, etc. is this a benefit to me or should I just sell to someone else? Housing is still in a depression in my area in South Carolina. I’ve already lost 50k from what I paid for it. I’ve moved out of state permanently and want to buy where I am at and not have to worry about the property in South Carolina. The people really want the house but I want out from any responsibilities of repairs and taxes. I would put in contract if financing does not go through after 1 yr they default all monies and house reverts back to me. But there is risk with that as well. Any advice is greatly appreciated.
Submitted May 09, 2018 at 03:44PM by bpadj https://ift.tt/2wvYLSQ
