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Buying or Selling a Home/selling my home on contract

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Expert: - 6/29/2007


Question
I am the executor of an estate. There is a home in the estate to sell. There is a party that wants to buy the property on contract for a year with the balance payable on or before the year is up. She is in the service and has applied for a GI loan. Is this a very good idea to sell in thisa manner? Thanks you.

Answer
Hi Lowell,

First you need to find out if what the party is offering you is a good value for the home. Contact a local real estate agent and ask them to give you a realistic market analysis along with an estimate of what it will cost to sell the home.

You also need to know what fees you will be required to pay for the veteran. Many times the seller is expected to pay all the closing costs, which can be considerable! And the VA is very tough on the condition of the home being sold and may make you do all sorts of repairs which will also cost you money. It could be much cheaper to sell to someone else who is just getting a conventional loan. On the other hand, if you are in a slow market, a buyer in the hand may beat any buyers in the bush!

You may want to hire a professional real estate agent to write up the contracts for you and represent you. If you already have a buyer and the agent will not be doing any advertising, you can negotiate a reduced commission rate for this service. The agent can advise you on any pitfalls in the negotiations between you and the buyer. The agent will also make sure that as the seller you are complying with all state and federal disclosure laws. If you fail to provide some of these documents, the estate may be liable for damages sometime in the future.

Hope this helps, and good luck to you!

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Diann Tonnesen

Expertise

I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.

Experience

With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.

Organizations
Las Vegas Board of Realtors and the National Association of Realtors

Publications
PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.

Education/Credentials
college journalism major

Awards and Honors
Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.

Past/Present Clients
Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:

Las Vegas Real Estate
Las Vegas Condos
Henderson Real Estate
Las Vegas Golf Course Homes

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