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Sport, Home Seller in Hazel Park, MI

Drawing up a land contract for selling my property. Is there a standard ammortization term that is used for a 3yr balloon land contract?

Asked by Sport, Hazel Park, MI Sat May 1, 2010

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There are a lot of moving parts in a land contract. Do you own the house outright?
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0 votes Thank Flag Link Sat May 1, 2010
I agree with Don: it's negotiable. Some sellers opt for a shorter amortization period rather than a balloon, others opt for both, and some sellers opt for no balloon with a 30-year note. Your terms will depend on your and your buyer's needs.
0 votes Thank Flag Link Sat May 1, 2010
It's all negotiable.

Really.

Since most loans are 30 year loans, many such agreements are based on a 30 year amortization.

Also, just standard advice but please make sure a lawyer familiar with land contracts reviews your paperwork.

Hope that helps.
0 votes Thank Flag Link Sat May 1, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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