Hi Cat:

Yes it means that the seller finances. "Land Contract Negotiable" also means that the terms (i.e interest rate, length of "contract", down payment, etc) are negotiable. Here is the definition of land contract from my website, you can also check out the link below.

A Land Contract is also known as seller financing, where the seller finances a buyer's purchase of the home instead of a mortgage company or bank. Payments are made directly to the seller, and the buyer takes a vested interest in the property. A Buyer enjoys all the benefits of home ownership including tax deductible interest and taxes. This is a great option for someone who cannot get traditional mortgage financing due to credit issues, alternative income (self-employed or non-documentable income). The terms and payments are negotiable for a land contract, but typically involve an "exit plan" -a plan to eventually pay off the land contract within a few years. Not all sellers can offer land contract terms. Land contract terms can only typically be offered on properties which do not have an underlying mortgage on the property. Properties with underlying mortgages can be offered with Lease W/Option to Buy terms.

Good luck!

Joy Santiago

Cat,

"Land contract" refers to a seller financing the home, in lieu of a mortgage, and has nothing to do with the land that the home sits on. It's an understandable confusing term for home buyers.

Hope this helps,

Kris Wales