Honestly land contracts are only good to a small majority of sellers. Ones that have there homes paid off. If they don't then it can be considered mortgage fraud and the seller might have a DOC Due on-sale clause in there loan. Now if that is the case you can't get exemptions or anything unless they're going to rent. The better option is to do a lease option. This is where they don't sell it to you but actually rent it with a small amount down and the price already negotiated. I will tell you this. It's going to be harder to get someone to do this for the fact the market has picked up a lot in the last year. This month alone from the 1st to the 19th home sales are up 76% from last year the 1st through the 19th. If you don't mind me asking why are you wanting to do a land contract? Feel free to contact me. I'm here to help with anything I can. I'm always available.
There are a lot of people asking that same question. The housing market has improved over the last two years but those of us that had our credit damaged are still struggling with the banks. You can ask for a land contract from any seller. They are less likely to want to sign one if things are selling as they are now.
Ok, before you just do a land contract on your property you have to see if there is a DOC "Due onsale Claus" in the mortgage. If there is an you're caught then that is a form of mortgage fraud. Now if the property is completely paid off you're all right. The problem is the one you buy. Depending on the situation you might not have tax exemptions. There are so many different variables. Give me a call (219)406-7195