Time to beg Gene for advice again!Wendy, it may take a cash transaction to sell your place because it's an underground home. If a borrower had to secure financing with a traditional mortgage, it would mean any comparables (comps) for the appraisal would have to compare like with like, in other words, an underground home (yours) compared to very similar housing sold in the last twelve months (but with emphasis on the last six months in particular). You know your area, do you know if there are homes similar to yours that have sold in the last twelve months? The lender *may* be able to use a ranch or a semi-bermed home as a comp, but the underwriting and rules used are getting pickier with each passing day and appraisals are really being scrutinized.
A couple who I know and like have offered me $150,000 cash, plus will pay off $30,000 over two years through owner financing. I'd like that financed money to go to Heather for her place.
I haven't signed anything with a realtor yet, so need to get a lawyer to help complete the transaction.
Any advice for me? I could still sell it for more, but would rather it goes to these folks.... and the cash payment is nothing to sneeze at.
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