If you are looking to possibly buy a home, but can only afford to make monthly payments similar in price to what you would pay in rent and don't have the credit for a home loan, many people (including myself) would be willing to sell you property on a land contract with very minimal down.
This is good deal for both parties for a couple reasons:
-You, as the person living in the house, get to claim homestead on taxes, and reap rewards of tax advantages for owning the home. You also buy into the equity of the house, and it can become a long-term investment to help you recover financially
-You, as the owner, get to secure a place to live in without the need to qualify with a bank.
-The Seller is no longer is responsible for a tenant and the risks involved in renting; they only hold a mortgage contract secured by the house, much like a bank would. In the unfortuante even that you default because you can't make payments, you simply need to give the house back to them. Most sellers won't even bother reporting you to a credit beaureau as long as you leave in a timely manner. I had a buyer who had to downgrade housing because of work related injury that affected his income, and I simply offered to pay to change the title back to my name if he vacated within 3 weeks. He thanked me!
-The Seller can shed his liability on the property, which qualifies him to pursue additional investments. Time value of money is important, and if a seller can get out of a property today and reinvest the cash sooner, it is for the better.
I hope this helps! Best of luck!
P.S. Don't worry about the bankruptcy. It can happen to most anyone in the recession. Move forward and I think you'll find that your obstacles are few. Buy you do need a competent agent. We know some in your area, specifically Dearborn, Taylor and Garden City.
My name is Vanessa Brown a Realtor for Conquest Real Estate Group and Property Management. We currently have properties in the metro detroit area and are credit process will not even look at the 5 year bankruptcy. If you are interested please feel free to give me a call at 248.660.0268 to see if I can assist you in your search. Thanks in Advance.
Make it a Great Day!
Vanessa Brown, Realtor
If i can help please feel free to contact me.
Remerica Hometown One