Lodi California couple gets creative in sluggish housing market
Rick Latta “has tried everything” during the past six months to sell his West Locust Street home.
He’s held open houses, reduced the price several times, listed it in local papers and on real estate Web sites.
But still, nothing.
Enter a giant lime green banner above his garage that reads: ‘Buy This House! No down. No bank qualify. No credit application.’
Latta — who owns a commercial janitorial company — is hoping the sign and some creative financing will finally lead to a sale.
He’s partnered with a Manhattan Beach investor to offer a “land trust” sale, one that doesn’t turn over the deed to the home for five years, but allows a new buyer to move in and make payments with nothing down.
“It’s just another way (to sell the home) — and a lot of people are doing it,” Latta explained to a couple touring his 3-bedroom, 2-bathroom home Friday afternoon.
“It’s another opportunity,” added Valerie Smith, Latta’s fiancée. “We thought: ‘We’re going to try it all.’”‘
Under the trust agreement, Latta could not seize the equity that might build up over the five years, he said. Instead, the new buyer and the investor would split that equity.
The couple said they’re also willing to do a conventional sale.
Latta is asking $367,000 for the home, down from the $435,000 he first listed. The blue-trimmed home has a pool, a 2-car garage and remodeled bathrooms and kitchen.
The two recently moved into a new home in Discovery Bay to be closer to Livermore, where Smith’s two daughters attend high school.