Home Buying in Waterford>Question Details

Jennrachelle, Home Buyer in Waterford, MI

How can you get listings of land contracts in the Waterford area?

Asked by Jennrachelle, Waterford, MI Tue Jun 19, 2012

my fiancee and i have pretty good jobs, we are both about a year out of bankrupcty so we are not able to get a mortgage for the next couple years, so we are looking for a land contract. We hate the idea of renting and throwing our money away. Please help.

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There are new homes coming on the market every day. Not all require large down payments. You have to employ an agent in the area to help you find the property that's ideal for you. Send me your contact information. I've worked in the Waterford area for 30 years. RealFi
0 votes Thank Flag Link Mon Jul 30, 2012

There's a few things to consider before going after a land contract home.

First, they usually require 20% down payment. Most of the time, the lack of funds is the reason that you can't get a mortgage in the first place. I know this isn't your specific problem, but I'm just putting it out there.

Second, what if the property doesn't work for your situation in the next year or two? If you leave, you'll be out the monthly payments, your substantial down payment and could be sued by the original owner for not purchasing, because you already have a legal contract in place.

Also, what if the original owner stops making payments and your "new house" get's forecloses on? The bank/investor who holds the mortgage on the property doesn't care that you've been making payments to the owner, they just know that they weren't getting them. After the third missed payment, the foreclosure process starts.
0 votes Thank Flag Link Sat Jun 23, 2012
Good plan provided you have the down payment. Consider working with a Realtor to represent your best interest which will begin with keeping you informed of all available properties that meet your criteria, particularly the Land Contract terms.
0 votes Thank Flag Link Tue Jun 19, 2012

I just did a quick search of homes offering land contracts in the Waterford area and I identified 12 of them ranging in price from $49,000 all the way up to $600,000 and everything in between. If you would like me to send you this list and/or also check in neighboring communities, just send me a quick email or give me a call. I would be happy to provide you with this information.

Kathy Persha, Realtor
Keller Williams Realty

0 votes Thank Flag Link Tue Jun 19, 2012
Hello Jenn,
If you can provide an email address with the criteria such as what price range and style your interested in, I would be happy to send you a list of land contract available homes. I can keep you updated as well. Let me know, Have a Great Day!

Best Regards,
Mike Stawizky
(248) 980-4406

Keller Williams Realty
Find your home: moveinnow.org
Or visit us on Trulia.com
Web Reference: http://moveinnow.org
0 votes Thank Flag Link Tue Jun 19, 2012
Just email me your information and I will forward them to you. I just sold another home in waterford. I just got the appraisal back, so I will close the end of the month. Let me know your price range, bedrooms, bath, garage, bst. , water front or privileges etc. I will also put you on a list that forwards any new listings automatically to your email, the same time all of us Realtors get it. You can call me at 248 819 6464 or email me. all of my information is on my web site wwwmichiganhome.net. Best Regards, Steve
0 votes Thank Flag Link Tue Jun 19, 2012
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