In a nutshell, you own the property you originally set forth terms for them to purchase the property as a land contract. There should be no problem for you to adjust the amount if it works in the buyers favor. I do agree with Sonya, consulting with a real estate attorney is always good practice.
Keep in mind, before you go jumping through hoops to accommodate the buyer, you need to ask them some questions. You need to find out what exactly the buyer wants you to do, because if you re-negotiate a contract but two months from now they come to you again with the same problem, is it worth it?
Here are some questions, you may want to formulate some of your own too:
Do you still love this house? How long do you see your family living here? Is the money the only reason you WANT to leave? is the money the only reason you NEED to leave etc... As the seller what could I do to make this work better for you?
If things do not work out with this buyer and they walk, I wouldn't think the world has turned upside down either. There are plenty of good people looking to rent and/or needing land contracts right now.
Drop me an email or give me a ring if you need more help.
First ... stop worrying. You owe nothing on the house. So aside from taxes and insurance, it would cost you nothing to hold it - especially if you drain the pipes so they can't freeze. Worse case, you can sell it or rent it out or do another owner-financing.
On the bright side if they walk you keep all the equity they put into it and they lose all of that. This could be many years of equity and payments since "they only have 7 left". Review all the numbers and then figure out what a good proposal might be to keep them or take alternatives. How much money would you get from them over 7 years vs. just putting in on the market, positioned for a fast sale?
In short, you can really be in the catbird seat here.
I know it has been a while, but a great way to motivate the buyer to stay is to help them get the first time home buyer credit if they haven't owned a home in the last 3 years. You will switch from a land contract but you will be in virtually the same position as you are with the land contract as far as foreclosing if they don't pay. But, they will be able to get the credit in 5 weeks and they won't have to pay it back if they live in the home for 3 yrs which is where you get assurance that they will stay. You can also change the price through this process.
I am in the business of locating note/land contract holders who wish to sell their contracts.
If you wish to submit your contract info to me, I can in turn submit it to our network of investors
and hopefully get you an offer. Please contact me if interested at:
email@example.com or call 989-352-8358
If you want to sell your land contract,and want to invest in something else.
we would like to offer you a fast free quote !
We are from Port Huron Mi,contact me anytime from my website
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