Buyer wants me to carry note for $7650.00 for 6 months on vacant lot with 10% down..($8500.00 sales price). I have to pay $2K commission to realtor out of state. What can I charge for interest?? I would love to Salt lame on a much longer contract and make some money because I don’t need the cash right now.
Holy crap, that is over a 23% commission if the sales price is only $8,500. I am sorry, I wouldn’t do that. Especially if I didn’t need the money. I would find a new Realtor that would do it for the typical 6% at the most. If I couldn’t find one I would probably just try selling it myself on Craigslist or something.
Jackie, can you elaborate on your answer? Outside of the fact that the government can pretty much do anything at anytime, what is the basis for your answer? I agree the commission alone makes this a terrible deal, but if the loan is recorded as a mortgage, why would she be denied the ability to foreclose and how could it be legal for him not to make the agreed upon payments?