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Selling on contract is an excellent approach in a tight-credit situation. You can ask a reasonable down-payment, maybe 6% interest, and, if the buyer defaults, it's easier to recover the property. Down-side is state excise (sales) tax (paid at sale), home-owner's insurance (that you should maintain to assure coverage), and fees to some local representative of your interest.
Taking Chris' approach (my version of it), you could do a rent-to-buy with no interest (but a substantial "deposit") where the "renter's" interest becomes an increasing per cent of equity on the following basis: first you get a current market appraisal, then each month's "rent" (constant rate?) is added to the "renter's" equity (which already includes the "deposit"). If you and "renter" agree to sell to third party in the future, the portion for you is your appraisal, divided by appraisal plus total "rent" payments, times the sale price; "renter" gets the remainder.
If OTOH "renter" wants to cash you out - and if you agree to sell - total "rent" is subtracted from appraised value, and "renter" pays the difference to you. Of course, this type of transaction would leave out all consideration of advantage with respect to inflation, deflation, and relevant market changes; but some kind of formula could be added to the original contract, designed to consider such factors. paul spencer
Quartier chic and centrally located near airport, both downtowns and not far from light rail as well so really no worries, but all the same, if in six months no mortgages are being floated, it's pretty hard to sell a house.
(And I hope everyone understands that the prospect of no mortgages being issued is a very real one...) "C'est un scandale !"
But if there's one thing in this that hasn't been obvious to me, it's what will happen to USD. "C'est un scandale !"
Also, expect other Gulf states to follow Kuwait out of the Dollar peg soon.
Which won't help the dollar any.
The USD has a lot further to go, and will undoubtedly be oversold in the process, to be dragged back if and when the US can correct the trade balance.....
What you say is of course true, and it will fall. It's just a matter of when, and timing a fall is hard to do, and potentially more expensive than I can afford... "C'est un scandale !"
Currencies backed by oil are not a bad option to have a deposit in: Norway and the Gulf States come to mind - even (whisper it not) the Rouble.
You might look at the actual, as opposed to the fantasy, sustainable underpinnings, if there are any such things, to try and determine your exposure. Given the economic circumstances it may be reasonable to do a Cut-and-Run. Have epistemological model of Complex Information environments. Will Travel.
