If you are asking the foreclosing bank to accept a land contract, they are not really set up to do that. Typically they are selling the foreclosed property to recover as much money as they can and they are not prepared to accept monthly payments. When they do sell, if you need to finance the purchase, they would require you to obtain a mortage which would then be using the property as security for the loan. Hope that helps!
Thank you for your inquiry, but I'm afraid I misread your original question. I thought you were asking if it were possible to "land a contract", rather than what I see now that you meant, a "land contract". Landing a contract is no problem, getting a land contract is a very different story. I have not heard of any banks willing to do that with foreclosed properties. They typically want their money and to move on, so I would be surprised if you found one that would accept a land contract. I say "surprised", but that doesn't mean it can't happen. Banks are like people, they have different personalities and attitudes, so you may very well find one that will work with you. Best of luck in your home search...Jim
I haven't hear of any lenders that would do a land contract on a foreclosed home. They want to get the file off of their desks by being paid off on it.
Karen Paytas, GRI, CMS
Real Living Kee Realty