South Arlington Home Questions

own a great 5/3.5 in South Arlington; 7 years old, with pool/spa; great neighborhood....etc. new paint, carpet

problem: new construction in area is killing market for resale. Only difference is we have a new pool in it; Thinking of RTO, but its not really a RTO neighborhood ? any ideas would be appreciated.

Comments(2)

  • JohnLocke22nd April, 2005

    prince223,

    Glad to meet you.

    Last time i was in Sparks things were really crazy there. Just kidding.

    With this type of down payment you should feel secure in selling the property. However, do not use a quit claim with a deed back to you, in Nevada you would still need to do a Judicial Foreclosure to get the property back. It can get sticky with the courts this way.

    You would be better off selling with a wrap around mortgage, (A.I.T.D.) this way the property stays in your name and your buyer could still claim the interest paid, because a note is created between you and your buyer. So this will give him the benefits of home ownership, while you still hold the deed.

    John $Cash$ Locke.
    [addsig]

  • happyhome22nd April, 2005

    John Locke,

    Can you explain the mechanics of the wrap around mortgage, keeping the deed and having the other party claim the interest paid ? Also, who gets the deduction for RE taxes and depreciation ?

    Also what is AITD ?

    Thanks


    Quoted from John Locke:

    You would be better off selling with a wrap around mortgage, (A.I.T.D.) this way the property stays in your name and your buyer could still claim the interest paid, because a note is created between you and your buyer. So this will give him the benefits of home ownership, while you still hold the deed.

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