Jennifer,

My wife and I are looking for a home to buy on a lease option or land contract in Grand Blanc. Maybe we can work something out. Can you email me or call me? dmcclure@acme-enterprises.com or 810-499-3135.

Hi Jennifer,

We are in the market to purchase a home on land contract in Grand Blanc. Do you have an email address in which I could email you to get more information about the home?

Stacy

good morning jennifer.....with a bit more information, i would be glad to help you....if you are considering selling in order to buy another home, you may not have to in order to qualify......best regards.bob mclure- success mortgage partners- plymouth, michigan......

Jennifer,
I have both documents available to you for free. I also can give you advice on marketing the property and have several real estate agent contacts who could assist with any further options. You may want to have an appraiser give you an idea of the range your home is worth (I have a guy that can do this for free most of the time). It would benefit first time homebuyers to buy your home outright because of the 10% tax credit the government is giving out, so don't give up on that either. Now for some info on land contracts and leases:

A land contract is in essence a sale of the home. Almost all mortgages have "Due on Sale" clauses which means the lender (if you have one) can request the payoff of your mortgage within usually 30 days of finding out that you have entered into such an agreement with a client. This usually happens if the land contract is recorded which buyers will usually want to do in order to homestead the property for tax purposes. Sometimes, lenders are too busy with all their other problems (like all the foreclosures) to mess with this and may not say anything as long as payments are made. But, they could, at any time, so it is very risky.

A lease with option is NOT a sale. So, you may enter into one typically with no recourse from your current lender (you may still want to read the fine print). This is sometimes better than a land contract for another reason - eviction. It is easier to get rid of a renter than someone with a land contract.

Contact me anytime for FREE advice and help! 810-606-1000

Jennifer,

In the event you own your home free and clear, by all means offer these terms to increase the prospective buyers who may be interested in the house.

However, as mentioned in Gary's answer to your question, provided your home qualifies to offer Land Contact and Lease terms. If you have an existing mortgage on your home, is there a "Due on Sale" clause in the mortgage language? Your lender should be contacted to obtain their approval to sell the home on a land contract. If you do have a mortgage, how much is owed? If your mortgage balance exceeds market value, most buyers will avoid such risk.

In close to this brief answer, don't assume that conventional selling methods won't work as home sales have improved in the last couple of months. Be certain to look at all of the active inventory with an impartial eye to determine if you have priced your home competitively to sell.

Again, contact us if you would like us to review your circumstances since we have successfully sold many homes in your area.

Kay Pearson, CRS
Associate Broker
Real Estate One ~ Max Broock
Clarkston, Michigan 48346
248-860-0366

Make sure the home has been professionally staged prior to the photos being taken. I can help you with an inexpensive online home staging consultation if you'd like.

Best wishes.

Hi Jennifer,

I would be happy to schedule a time to sit down and review all of your options.

Rob Moen
Associate Broker
American Associates, Inc.

Jennifer,

Agents from our office could help assist you with marketing your home as a land contract or lease (if it qualifies). Let me know if you would like to be referred to an agent that does this type of work.