Home Buying in Grand Rapids>Question Details

Harwoodfamily, Home Buyer in Grand Rapids, MI

How do I find a house on land contract in the Grand Rapids area?

Asked by Harwoodfamily, Grand Rapids, MI Mon Oct 18, 2010

My fiancee and ihave an 8 month old and 2 step children everyother weekend. I am looking for a home in a good neighborhood with good schools to start our family can anyone help me even a little fixer up that maybe just needs some tlc can anyone help :)

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We can help you with your home search regardless of the criteria. Land contracts are not very popular for sellers, but some are open to it. Contact us anytime tomorrow at 616-458-5000 to get started.

Regards,

Rick Vorel
Turning Point Buyers Realty
West Michigan's only Exclusive Buyer Agency
Web Reference: http://www.tpbr.com
0 votes Thank Flag Link Mon Oct 18, 2010
Hi,
I would be happy to help you with your home search, and as a buyer, there is no cost you for using my services. As it pertains to finding a home for sale via land contract terms, an agent who is a member of the local board can find homes that offer land contract terms. As a few others have stated, it can be difficult to find land contract terms but in this market it is becoming more prevalent.

I just completed a search and currently there are 77 active listings in the Greater Grand Rapids Area that are being advertised with land contract terms. If you would like more information on these homes, give me a call, e-mail, or text when you have some time and we can discuss your needs how I may be able to help. Thanks and I hope to talk with you soon!


Beau Otis

Realtor® - SFR
Keller Williams Realty
Cell:(616)401-8880
Fax:(866)803-6316
botis@kw.com
http://www.beauotis.com
Web Reference: http://www.beauotis.com
1 vote Thank Flag Link Tue Oct 19, 2010
Harwoodfamily,

I would love to talk with you regarding your home search. There can be a lot of factors in finding you the best home that will best serve your needs. There are many avenues that we can explore. I would want to put you in the best position to either buy on a land contract or purchase outright.

Give me a call and I would be happy to assist you.

Linda Kiel
Five Star Real Estate
616-889-6515
1 vote Thank Flag Link Tue Oct 19, 2010
Hello Home Buyer,
It is a great time to buy, with many good deals. Finding a land contract in today's market is challenging. The best deals will probably not accept seller financing (aka:land contract). Having your own Realtor is essential. Find a Realtor, in the area where you are buying, that you can work with well. Sign a buyer agency contract with that agent. Under this contract, the Realtor will be working for you and looking out for your best interests. They will have information on the homes that will accept seller financing. They will also help you negotiate the terms of the land contract. Terms can be more important than the purchase price you offer.
0 votes Thank Flag Link Sat Oct 30, 2010
If you are thinking of a land contract because of down payment issues, there are down payment assistance programs available for buyers within certain income levels that require only 1% down. Many agent are not aware of these programs or don't like to use them because they are a little more work for the lender and agent but they can be very helpful in getting you started.
If it's a credit issue, you may want to work on some credit repair before taking on the responsibility of home ownership. Or if you just don't have credit established yet, a mshda loan may be an option as long as you don't have any negative marks on your credit. Hope this helps.Let me know if you have any questions about the options I've mentioned.
0 votes Thank Flag Link Fri Oct 22, 2010
Harwood Family,
I would strongly suggest finding a qualified realtor to help you with your search, land contracts can be complicated for someone who does not work with them all the time. In addition if you work with a realtor they are looking out for your best interest where as a seller might not be looking out for you.
0 votes Thank Flag Link Wed Oct 20, 2010
Good question...many homes for sale by land contract are not listed on the MLS because sellers just dont like paying commission before they are free and clear of the home. Say you buy a listed home on land contract, you close two weeks later, 6% of the 10% down payment from the buyer is split by the listing and selling broker. The seller is left with the remaining 4% or so minus closing costs, and a 3-5 year loan to keep track of. "Might as well just rent it and wait for the market to pick up" is something we Realtors hear often these days.

I have two answers for you. First, there a lot of investors in town selling homes on land contract. Often a sign in the yard sells a home like that in a good neighborhood and good schools. You'll want to talk to a Realtor who knows who those investors are, and which ones are worth contacting and which are not. Second, if you have at least a good 10% to put down on a house, look for your ideal home in the ideal neighborhood that is currently for rent, and make an offer. Just because its not listed does not mean its not for sale! And...you'll want a good Realtor to represent you so you dont get ripped off in terms of value, terms, interest rate, and general business conduct.
Web Reference: http://www.usepete.com
0 votes Thank Flag Link Tue Oct 19, 2010
Hardwood family,

Searching homes online can be fun but also can be very inaccurate especially when you are looking for something specific like you do. On my web site at http://www.searchgrandrapidshomes.com as well as at any other Realtor's web site and MLS public site, you can search and find any home available for sale but you will not be able to find out which home is foreclosure, short sale or land contract unless you work with some Realtor.

Only Realtors have access to all those filters which can make your home search accurate so you find easier that what you are looking for and do not miss anything important on the market.

Here is how it works with my clients:
They tell me what kind of home they would like to find and I set up and save their searching criteria.
To specify location, search could be made as a map search or by geographic area/school system.
I establish their own web site/the MLS access site where their listings will be stored all in one place and where they can save favorites or delete those they do not like.
They tell me by the phone or by the e-mail which homes they would like to see in person and so on...

If you think you will benefit from working with me ( I know you will...) give me a call at 616-855-5031 or contact me through my web site.
0 votes Thank Flag Link Tue Oct 19, 2010
Harwoodfamily,

Looks like you have a response from at least one agent in your area. Might want to interview him to start.

I'm asking about land contract because many buyers are under the impression that this is the only way they have of buying. If you could give me a little more detail, I could better answer your question.w
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Mon Oct 18, 2010
I'm assuming you are asking about a land contract because you don't have much if any of a down payment?
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Mon Oct 18, 2010
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