Tag Archives: seller

Who do I talk to to find out if a piece of land is suitable to build a house on?

Posted on November 5, 2011 by admin| 4 Comments

I am looking a 4 1/2 acres for sale but am a little concerned about the softness of the land. The seller just built his house on a parcel right next to it and looks like the same kind of ground as this. He bought three parcels all together to build on one amd sell the other two. I just want all of my ducks in a row Thanks.
About the only things I know is that it is zoned for residential construction and that septic test holes have been approved and that there is power cable and phone at the edge of the property.

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Posted in Land For Sale

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What is a Sellers second Mortgage?

Posted on October 27, 2011 by admin| 4 Comments

I am trying to sell my house. The sales price is $131500, the buyer was able to get a loan for 97% of the sales price. However they want me to do a Seller’s Second Mortgage for the remaining 4% ($5000). How exactly will that work? What do I base the terms on? How does the agent get paid?
The house had very little equity in it. How does my bank get paid? Is it a good idea to even consider in the first place. Thanks.

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Posted in Homes For Sale

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what rights as a seller do you have when title of a mobile home is never transfered into the buyers name?

Posted on October 26, 2011 by admin| 2 Comments

I sold a mobile home to an individual who never transfered title into his name. The individual has since abandoned the mobile home and is now residing in another city. Now the city treasurer and landlord on which the mobile home sits is harassing me for back monies as the title is still in my name. I do have a signed contract of sale by both parties and am wondering what rights I have as the seller in this situation. I am not looking for any monies from the purchaser, nor do I want to regain posession of the mobile home. I just want to be left alone in this matter as I do no longer own the property, and I do not feel I should be responsible for back taxes or back rent on the lot on which the mobile home sits.

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Posted in Homes For Sale

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Seller signed contract for purchase, but is entertaining other offers?

Posted on October 22, 2011 by admin| 6 Comments

hi,

both of us buyer and seller signed the contract on friday after a week of going back and forth over the phone about small details. i called to get an appointment for the home inspection, but accidentally found out that the seller is still showing his house to others who are coming in for a second viewing and says he will still negotiate with others.

he says that since he has 5 business days, he is still entertaining offers. what do i do? i live in illinois. we never signed the optional part of the contract where it asks if he is allowed to still keep his home on sale. is he allowed to get a contract signed and then still entertain other offers. i dont want him to use my contract to leverage with other people. the home is very desirable, but we are on a budget. also i am not selling my current home so there are no such morrtgage contingencies based on my current home.

lawyer is out of town till tuesday. this is getting in my head. its that sunken heart feeling of loosing your dream home. he was talking with me like he is warning me that the deal may not go through since he is getting another better offer.

can i argue with him using the good faith covenant and fair dealing covenant?

thanks,
mona

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Posted in Homes For Sale

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Need help putting together purchase agreement for a house. For sale by owner. How do I create?

Posted on September 18, 2011 by admin| 6 Comments

I am the buyer, seller has to net a certain amount. The house is worth more than we are paying. We are required to put 15% down. Looking for a creative way to write up the contract where the seller nets what he wants and we can minimize downpayment.

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Posted in Homes For Sale

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