Annuity Buyer
How does this real estate annuity work ?
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 income
Am I crazy ?
Is my buyer Crazy ?
What are we missing ?
Thanks for your time !
Unfortunatly< i have more questions than answers.What is the original purchase price? How much of a discount are you giving in five years? What is the pay off in 5 years? What is the interest rate? Did you live in the house and why wouldn't you just use your homstead exemption for your home? Are you crazy? well I am not a psychologist ...
Annuity Buyer – Instructions and the Qualifications Needed t
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Change Buyer Behavior And Sell More Annuities … |
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Life Insurance and Annuities From the Buyer’s Point of View … |
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Life Insurance and Annuities. From the Buyer’s Point of View. Special Issue of the Economic Education Bulletin. Vol XXVIII. No 7. July 1988. 9 x 6 Softcover – no flaws. 175 Pages. Graphs. Tables. Published by AmericanInstitute for Economic Research. Barrington. MA. Delivery Confirmation / Tracking is included. [inventory 510]… |
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