Stacy
Joined: 23 Nov 2002
Posts: 8
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 Posted: Sat Jul 01, 2006 11:17 pm Post subject: How does this real estate annuity work ? |
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| At 70, I own a home I can not afford to keep. My home has been for sale for 2 years at a price set by 3 market cost reports. I've had lookers and no offers.I've recently met a man that has offered to give me an up front lump sum of $10,000.00 + a 5 yr ( 60 month ) contract with payments of $2,000.00 monthly + a promise to close the purchase -standard mortgage- within 3 months of the 60th month. In the contract , I pay my homeowners ins. and prop. tax. I would agree to take $110K off today's price less my pmnts for ins. & taxes..about 30K so, I net 80K over 5 yrs and sell my home for 80K less I think it's a good deal for me as 1- I move to Florida...he gets my house w/o permission to alter home or property...he pays utilities...I ( or my agent ) inspects once monthly 2-at the sale, my cap gains are less &3- the deal is off if my buyer defaults &4- I have a 2 K per month incomeAm I crazy ? Is my buyer Crazy ? What are we missing ? Thanks for your time ! |
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