Home Buying in Hazel Park>Question Details

Michelle Lou…, Home Buyer in Hazel Park, MI

Looking for land contract homes. How do you get approved for land contract homes?

Asked by Michelle Loughry, Hazel Park, MI Fri Jun 15, 2012

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Answers

4
Do you know what a LAND CONTRACT is?

That means that the SELLER is financing you; they are holding the paper.
Your Reltor can search for homes that the Seller is willing to finance the Buyer.

There is no Pre-Approval for this.
The Interest rate and terms are totally at the descretion of the Principles.

Good luck and may God bless
1 vote Thank Flag Link Fri Jun 15, 2012
Good afternoon Michelle... I was reading an older post about land contracts in Hazel Park. I am curious as to how that worked out for you?
Dave Thomas
Keller Williams Traverse City, MI
P.s. I do follow real estate in Hazel Park... Call it a hobby.
0 votes Thank Flag Link Tue Oct 30, 2012
Michelle,
Very carefully! Land contracts must be negotiated, so you do not have a huge interest rate and down payment. you can access my web site for all the current listings and my contact information. Its FREE.
Best Regards, Steve
0 votes Thank Flag Link Fri Jun 15, 2012
I agree with Ron, will add that if you do not qualify for a traditional mortgage any move you make to try and circumvent the guidelines that are in place to protect you is possibly cutting your own throat. Do you know how land contracts are reviewed by a mortgage company when you try to pay off the seller? Or think you can never take title and sell it to someone else? Good luck,

Nope
Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Jun 15, 2012
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