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1) Aside from a full sale of the property, is there any rental/lease/contract…

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1) Aside from a full...
1) Aside from a full sale of the property, is there any rental/lease/contract means to remove the house from our credit to allow us to pursue a different house at our new location?
 
2) We have heard that there is a possible a tax write-off for people who move over a certain distance for employment who have to take a loss on the house. So...for example...I have to lose 10K on the house to sell it...am I allowed to write that off because I had to move for work? However, I took the job 2 years ago...would that make a difference?
 
3) It sounds like a contract sale would be dangerous for us...but would be attractive to a buyer because they wouldn't have to go through a formal bank. Can the contract be drawn up in a way to protect us from the legal fees should we have to foreclose on them? Is their flexibility in the contract language to allow it to better protect us. We are just a normal family and don't have the resources to take on anything else. We just can't sell the house in this ecomony yet.
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 1 hour by:
6/20/2010
Real Estate Lawyer: socrateaser, Lawyer replied 8 years ago
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,164
Experience: Attorney and Real Estate broker -- Retired
Verified

1) Aside from a full sale of the property, is there any rental/lease/contract means to remove the house from our credit to allow us to pursue a different house at our new location?

 

A: Credit reports do not show home ownership -- they only display the existence of an active real property loan. In order to remove that from your credit report, you must pay off the loan.

 

2) We have heard that there is a possible a tax write-off for people who move over a certain distance for employment who have to take a loss on the house. So...for example...I have to lose 10K on the house to sell it...am I allowed to write that off because I had to move for work?

 

A: Even assuming that you otherwis qualify for the deduction, you have to move in connection with the acquisition of new employment. Which apparently, you cannot prove, based upon your question below.

 

However, I took the job 2 years ago...would that make a difference?

 

A: Yes. See above.

 

3) It sounds like a contract sale would be dangerous for us...but would be attractive to a buyer because they wouldn't have to go through a formal bank. Can the contract be drawn up in a way to protect us from the legal fees should we have to foreclose on them?

 

A: There's no way to slice this bird advantageously.A person is either a tenant or an owner. You can't evict an owner, like you can a tenant, so, what is advantageous to the buyer, is disadvantageous to the seller. That's the tradeoff.

 

Wish there were some other answer.

 

Hope this helps.

 

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