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Jonathan had an appt today with a real estate agent about the old house. His commission is slightly insane and he told us he would run the comps and get back to us in 6-8 days. We then decided to call ![[livejournal.com profile]](https://www.dreamwidth.org/img/external/lj-userinfo.gif)
abqrealtor who told us that as long as we got her a key, she would go to the house tomorrow and do all of the measurements and get us comps ASAP!!! I'm so dumb. I should have had him call her first.
The other guy was pretty much telling us that our only option was real estate contract. I am not interested in this for a couple of reasons:
1)The house stays in my name, so if for some reason they default, I am still then responsible for the loan. Since paying two mortgages is not something I am in any hurry to continue, this doesn't sound like fun. Not to mention, if they default and leave the house a wreck, I am also responsible for repairs before we do it all over again.
2)Other than the down payment, I would not be able to expect any type of lump sum of money. Since most of the down payment would pay for the Realtor's fees, that means no extra money. I don't know that there will be any extra money anyway, but it is something I have to think about. The monthly payments would be paying that mortgage. I have a pretty high interest rate on that house (long story), so even if we sold it for more than what I owe, we would probably still only be getting what my monthly payments are (until they moved out or sold).
All in all, it seems like a bad idea. I would just rather have it gone. I would like some profit, but realistically, I don't know what I might get. We'll see. As long as Jonathan doesn't end up paying two mortgages indefinitely, I will be happy.
abqrealtor who told us that as long as we got her a key, she would go to the house tomorrow and do all of the measurements and get us comps ASAP!!! I'm so dumb. I should have had him call her first.The other guy was pretty much telling us that our only option was real estate contract. I am not interested in this for a couple of reasons:
1)The house stays in my name, so if for some reason they default, I am still then responsible for the loan. Since paying two mortgages is not something I am in any hurry to continue, this doesn't sound like fun. Not to mention, if they default and leave the house a wreck, I am also responsible for repairs before we do it all over again.
2)Other than the down payment, I would not be able to expect any type of lump sum of money. Since most of the down payment would pay for the Realtor's fees, that means no extra money. I don't know that there will be any extra money anyway, but it is something I have to think about. The monthly payments would be paying that mortgage. I have a pretty high interest rate on that house (long story), so even if we sold it for more than what I owe, we would probably still only be getting what my monthly payments are (until they moved out or sold).
All in all, it seems like a bad idea. I would just rather have it gone. I would like some profit, but realistically, I don't know what I might get. We'll see. As long as Jonathan doesn't end up paying two mortgages indefinitely, I will be happy.
