• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

For sale by owner

Status
Not open for further replies.

Trebor

Thread Starter
Junior Member
Joined
Jun 16, 2003
Professional Status
Licensed Appraiser
State
Oklahoma
Hi all! I have a rent house that the tennant is paying me monthly to own. He comes to my house every month with the money. What's a better way to handle this? Iv'e thought of an escrow account at my bank, but I just don't know. I mean, what if I kicked the bucket or something?
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Escrow at bank. They charge a small fee. You are exactly right. You could cause a real problem for the guy if something happens to you. Need to put it all in writing and record it too.
 

Trebor

Thread Starter
Junior Member
Joined
Jun 16, 2003
Professional Status
Licensed Appraiser
State
Oklahoma
Thanks Terrell, I'll get with my bank soon, that would probably be cheaper than a property management company. You never know, none of us are guaranteed to be around tomorrow.
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
No wife, heirs, beneficiaries, or easy alternate party to accept payments on your bucket list? I'm just thinking why pay a fee if you don't have to? :unsure:
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
As a broker, I'm REQUIRED to deposit all rent into an escrow account. It's a good idea to have an escrow account that can't be attached to any suit or tax lien. You both also need to have a written agreement. A lease doesn't necessary need to be recorded, and in my state it automatically reverts to a month to month agreement if you don't cancel or renew the lease in writing. I wouldn't record it unless it is a land sale contract or contract for deed. Those can get messy if you were leave the estate with no written instructions.
 

Trebor

Thread Starter
Junior Member
Joined
Jun 16, 2003
Professional Status
Licensed Appraiser
State
Oklahoma
One other reason I'm thinking of this is because I put in an application to work overseas. (To drive a truck in Iraq). I have a married son, but I want to make things easy on him.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Ooookay, yes... since you are going over seas, you need to make make everything crystal clear and easy.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Iraq?....GLUCK.

I saw this situation and this is why I would never buy nor sell property via contract. Fellow borrowed money on 20 acres. He did a contract for deed to 1 acre to a mobile home..then another. Every year he sold off another acre and used it to make the payments on the house. Year 5. Didn't get a lot sold....bank foreclosed with a first lien on the whole 20 acres.

Of course, the 3 who had lots (one bought 2) panicked. Eventually, the bank let one finance the property and take it over, he deeded to other lots over, and the seller/foreclosee disappeared before the summons appeared.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks