I think I have finally found a buyer for the home I have been trying to sell. If the sale goes through, it will be owner financing. Once the whole process is over I will have an excess of $12,000 after paying the bank. The buyer plans on a $15,000 down payment which is a little less than half of the selling price (the rest paid over a five year period). I'm really nervous about selling because of the uncertainty of how the SSI office will interpret this. The house has been vacant for a while and it has been a burden to make the monthly payment while paying rent in the home I currently live in. I'm concerned the $15,000 down payment will be viewed as income or the contract will be viewed as having some value since it could be sold (like banks do) and cause our assets to exceed the $3,000 limit. I've also read online something about selling the house would cause us to repay previous benefits, basically wiping out all of the $12,000 and possibly causing us to owe money even after losing the equity in this house.
My spouse's car barely works and we have student loan debt too. I'm starting professional school soon and could use the money towards tuition or towards repayment of my current student loan debt (or get another car). I'm starting to think it may be better to rent the house for $500 each month during professional school and sell it later. The $500 per month rental income would not put me over the monthly limit and my son would still receive his full benefits. I really dislike the renting option.
I feel like their is a way to navigate this situation and not get screwed, but I have no idea how to do so.
My spouse's car barely works and we have student loan debt too. I'm starting professional school soon and could use the money towards tuition or towards repayment of my current student loan debt (or get another car). I'm starting to think it may be better to rent the house for $500 each month during professional school and sell it later. The $500 per month rental income would not put me over the monthly limit and my son would still receive his full benefits. I really dislike the renting option.
I feel like their is a way to navigate this situation and not get screwed, but I have no idea how to do so.