Home Buying in Detroit>Question Details

Tee, Home Buyer in Detroit, MI

How can I find sellers willing to sell homes through a land contract?

Asked by Tee, Detroit, MI Fri Oct 22, 2010

My husband & I filed chapter 7 bankruptcy back in Dec 08' and we included our home in the bankruptcy, we are still waiting on the foreclosure or sheriff sale to be processed on the home we are in however we know eventually we have to leave the property. The bankruptcy has been discharged for 1.5 yrs now but I know its going to be a few years of credit repair before we can get a conventional mortgage on another home. We arent looking to purchase anything too expensive mainly we are looking at foreclosures, short sales or for sale by owners around $40,000. And since we dont have $40,000 laying around anywhere we were wondering if we did a large down payment maybe someone would be willing to do a land contract for the remainder but we dont know where to go to find sellers that are willing to do a land contract or if this is even a realistic option for us. Please help!

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6
In today's market this should be easy, Find a Realtor that will research homes for you which are owned free and clear of a mortgage. Find one you would like and make an offer. You will most likely still need 15 -30 % downpayment.
1 vote Thank Flag Link Sat Oct 23, 2010
Sure, it's realistic.

Here's a link to a blog I wrote on how to find lease-options: http://bit.ly/findaleaseoption There are some structural differences between lease-options and land contracts (which are a lot more common in your area), but the motivations of the sellers and buyers is usually the same. So anywhere you see "lease-option," just substitute "land contract."

Hope that helps.
0 votes Thank Flag Link Fri Mar 28, 2014
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
I have a home in Warren, MI for sale on land contract. Recently decorated and looks great. It is a 3 bedroom two story, 1100 sf, big yard on the corner. Their is no basement. Selling land contract price is $59.000 with $3,000 down and payments of $900 per month with a balloon payment in 5 years (which will give your bankruptcy time to clear out from your credit report. Email me at dillonbarb555@yahoo.com if interested.
0 votes Thank Flag Link Fri Mar 28, 2014
Dear Ms. Tee,

I have a home in Detroit that I am willing to sell at land contract. If you are still in the market, please contact me.

Sincerely,

Ms. Olson
olson.viernheim@freenet.de
0 votes Thank Flag Link Sun Sep 15, 2013
Hi Tee,

Contact me today for your free list of homes available on Land Contract in the areas you are interested in.

Rick Johnson
Direct: 734-446-4386
Rick.Johnson@century21.com
0 votes Thank Flag Link Sat Nov 6, 2010
As a Michigan licensed real estate professional I often work with families that buy a home using a land contract. Another possibility is lease option.
Here in the state most landlord owners are aware that many of our citizens have credit that is not stellar.
With the high job turnover in the area, owners have found working with buyers using other criteria is important.
Many are willing to overlook bad credit scores. And also accept bankruptcy and foreclosure.

Buying a home with a land contract or lease option does involve an application process.
References will be verified.
Your source of income will be confirmed. Your current housing record may be checked for the last 2 years.
Court records and other resources may be checked to see if you have ever been evicted or had a vehicle reposed.

For a list of homes available with land contract or lease option in the area, contact:

Chip Andis
Cell (248) 931-0084

Chip@Realfi.com

REALFi
REAL ESTATE AND FINANCE IN ONE
34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000
0 votes Thank Flag Link Sat Oct 23, 2010
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