Seller financing: Qs from the owner . .
I will be looking to sell my SFH in Milw soon. Have lived in it > 2 years - so I can take the tax credit - expect sale around $215K. No mortgage - owned free and clear. Also likely to sell as FSBO (w/ mls listing)
Now: I've tried searching for other posts - but there are 98 pages of them just in the last year! and I browsed through 5 pages of them . . . and most are about 'buying' not selling using owner financing.
So - am wondering if I should consider owner-financing? I am thinking that with interest rates going up and up - I might attract more buyers (?) with a 'lower' (?) rate??? What would be a reasonable OF rate in today's market??
Also - As I am in a very low tax bracket - am I better off taking the $$ 'tax-free' - or possibly paying a very small amount on the monthly 'income' as OF?
What should I think about in considering this option?
- cash vs income (and taxes?) - got it;
- hassle?? - I guess only if they stop paying;
- I gotta say I like the idea of making more $$ on my house - but at what cost?? locking up that $$ - I will likely be buying another property in a year - land probably - so . . .
Basically - I need more info: Any suggestions for the best place to learn all about this - books, website etc - as the seller (from trusted sources (BP members) - not generic google searches)
Really appreciate you time and comments
Kelly
Now: I've tried searching for other posts - but there are 98 pages of them just in the last year! and I browsed through 5 pages of them . . . and most are about 'buying' not selling using owner financing.
So - am wondering if I should consider owner-financing? I am thinking that with interest rates going up and up - I might attract more buyers (?) with a 'lower' (?) rate??? What would be a reasonable OF rate in today's market??
Also - As I am in a very low tax bracket - am I better off taking the $$ 'tax-free' - or possibly paying a very small amount on the monthly 'income' as OF?
What should I think about in considering this option?
- cash vs income (and taxes?) - got it;
- hassle?? - I guess only if they stop paying;
- I gotta say I like the idea of making more $$ on my house - but at what cost?? locking up that $$ - I will likely be buying another property in a year - land probably - so . . .
Basically - I need more info: Any suggestions for the best place to learn all about this - books, website etc - as the seller (from trusted sources (BP members) - not generic google searches)
Really appreciate you time and comments
Kelly