Home Buying in 48240>Question Details

Sgr, Home Owner in 48204

IS there a list of Homes for sale on Land Conract in Redford Mi?

Asked by Sgr, 48204 Mon May 28, 2012

I have about 10,000 to put down on a home. Looking in the redford area. My credit scores are low and need to move. My mom passed and had a reverse mortagage. When someone purchases a home on Land Contrct is the cost double?

Help the community by answering this question:


There are just a few homes being sold on Land Contract in Redford right now with a down payment at or around $10k.

Click this link to see some we pulled for you:


When you're considering a land contract purchase, remember, the seller still wants to be confident about your ability to pay. Having lower credit may be an issue to some. To other sellers it doesn't matter, but they may ask about it, so have your explanation letter ready to address why the score is low and a plan for what you want to do about it.

And yes, the price may be double because remember, the price is not today's value, it's what the home will be worth in the future when the land contract is paid off. However, that doesn't mean you have to pay the asking price; negotiate the right price, payment and interest rate that works for your budget.

There are also a ton of terms and conditions that should be in place to protect your interest in the property.

If you need help with this, please feel free to contact us:

Letitia N. Patterson

Community Choice Realty
261 E. Maple Rd
Birmingham, MI

Office: 248-905-1531
Cell: 248 506-9426
Fax: 248 504-5656
Email: myrealestateteam1@gmail.com
0 votes Thank Flag Link Mon May 28, 2012
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