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.
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]
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.