Home Buying in Waterloo>Question Details

Tonya Matamo…, Both Buyer and Seller in Waterloo, IA

Where can I find a list of homes for sale on contract,also do I need preapproval for this?

Asked by Tonya Matamoros, Waterloo, IA Fri Mar 25, 2011

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I'm assuming you are referring to a a land contract where the seller basically holds the mortgage on the property and collects principal, interest, taxes and insurance much like a bank. These typically are at least 10% down and somewhat higher interest rate. If you default on your payments, the seller will foreclose.

There are minimal properties for sale offering the possibility of a land contract. These can be found occasionally on the local multiple listing service. You could also check For Sale by Owner and other private listings.

First, you need to find a reliable realtor. They may also be able to represent you as a Buyer's Agent with FSBOs or private sales.
0 votes Thank Flag Link Sat Mar 26, 2011
Interesting--this is what I thought too--about the seller mortgage being PMI and taxes, but my broker insisted otherwise--that the buyer pay taxes even though they don't yet retain title. I disagreed with her on this point, any mortgage calculator will give you the PMI amount for a seller carry. This realtor blew the deal for me because she insisted I pay all of closing costs, a year of taxes and HOI---this had nothing to do with the seller--she and I just could not agree. My logic says that the person holding title pays taxes--and collects escrow in kind from the buyer/mortgagee. Am I right or wrong??
Flag Sat Jan 12, 2013
I don't fully understand your question - are you looking for homes for sale in a particular community or those that are "pending - under contract in your location of interest? If you are looking for homes for sale, you can search for homes anywhere USA, non-foreclosed as well as foreclosed. Under "my external links", click on Home and Market Trend Search link: enter search criteria (ie city/state or zip code, number of bedrooms, bathrooms, price range, etc.); view search results; and if you are interested in the list and sale prices for your area of interest, click on th Stats & Trends tab at the top of the page. If I can be of any further assistance to you in your search, drop me an e-mail. Happy trials to you and yours.
0 votes Thank Flag Link Fri Mar 25, 2011
By "for sale 'on contract'" if you meant via land contract (aka contract for deed), then those deals are typically negotiated--not listed.
0 votes Thank Flag Link Fri Mar 25, 2011
Do you have a Realtor working for you? That would be a good place to start. Let me know if I can refer you to someone in your area.
Web Reference: http://www.sallygrenier.com
0 votes Thank Flag Link Fri Mar 25, 2011
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