My husband and I purchased a home in August and now we need to sell it. Someone offered to take over monthly payments and asked us to sign an Agreement & Declaration of trust document. Is this a good idea?
The answer is, it depends. I purchase 4-6 houses from home owners like you a month and it works really well for both the seller and for my company. What I would be wary of is any one who tries to close outside of an attorney's office. The Purchase and Sales Agreement is commonplace and the Declaration of Trust Document is most often signed at closing and is drawn up by a Real Estate attorney or Title Company. This kind of transaction can be very helpful if you need to move quickly and do not have time to sell your house in the conventional way. It is often impossible for people to make two house payments while they are waiting for their first house to sell. It is also suitable for people who are behind on payments or are about to be behind on payments. I hope this helps.