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Home Buying in Allen Park : Real Estate Advice

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  • Local Info0
  • Home Buying18
  • Home Selling0
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Activity 22
June Buerkle, Home Buyer in Chattanooga, TN
Tue Jul 5, 2016
June Buerkle answered:
That is the risk with this type of deal.

If the owner loses the house before you have completed the purchase, you we just a renter.

Since your contract was with the home owner and not the party that is foreclosing on the property, i don't believe you have any legal standing to prevent a foreclosure (but you can ask a lawyer). I think the only one that can pull it out of foreclosure is the home owner.

If you want to buy the property, you will have to pay in full now, and work with the foreclosing company and the home owner so that he can buy the property out of foreclosure in order to sell it to you.
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1 vote 2 answers Share Flag
Nora Moore, Home Buyer in American Fork, UT
Wed Mar 4, 2015
Nora Moore answered:
Getting a sump pump probably wouldn't be a bad idea. Even if it doesn't solve the problem, it sounds like there would be groundwater issues in a place like that anyway. Talking to a plumber would be a good idea, though. They would know more about the specifics of your case. http://www.advancedpumps.com.au ... more
0 votes 1 answer Share Flag
Wellmantara, Home Owner in Union, ME
Mon Jan 5, 2015
Wellmantara answered:
We owned our previous home and did a deed in lieu of foreclosure because our mortgage was $125,000 more than what our property was worth. We needed a new leach field that was estimated to cost $15,000 at that time. The bank never had us fill out a disclosure and knew absolutely nothing about the property that they had acquired from us and was now selling. A potential buyer and his realator called my husband to get information on the house which to me is a no brainer. My husband was honest about the leach field and several other issues that needed to be addressed and next thing you know the property is off the market. ... more
0 votes 4 answers Share Flag
Andy B Realt…, Real Estate Pro in Livonia, MI
Fri Aug 29, 2014
Andy B Realtor answered:
I have some land contracts currently available We also have investors that will BUY a home of your choice and sell back on land contract depening on the area and down payment you have available. I can send you a list of what we have or talk more about having an investor buy the home of your choice. Please contact me
Andy Boryszczuk- Elite Realty
734-513-2166
Andy@EliteRealtyMi.com
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0 votes 4 answers Share Flag
Charles Farl…, Home Buyer in Allen Park, MI
Wed Apr 16, 2014
Charles Farley answered:
i have a home for sale in allen park. 313-388-4343 chuck
0 votes 2 answers Share Flag
Carla Morris, Real Estate Pro in Allen Park, MI
Fri Oct 25, 2013
Carla Morris answered:
Hi Elizabeth!
I am an Agent in Allen Park and would be greatful to pull something up for you!

Email Carlamorris13@yahoo.com or call me at 313-769-6511 :)
0 votes 1 answer Share Flag
Tony Grech, Real Estate Pro in Southfield, MI
Mon Feb 11, 2013
Tony Grech answered:
It sounds like this may be something for a real estate attorney to help you with. If there was no will I'm guessing this might have to go through probate? Is it being foreclosed on by a lender or for taxes??

I'm not sure a realtor would be the best to help you here since it sounds like there might be some legal issues.

Best of luck
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0 votes 1 answer Share Flag
Michael Dela…,  in Battle Creek, MI
Sun Jan 13, 2013
Michael Delaware answered:
You might also want to read up on them as well. I wrote a book available on Amazon that could help you with this. It's called Understanding Land Contract Homes: In Pursuit of the American Dream http://www.amazon.com/Understanding-Contract-Pursuit-American-ebook/dp/B00ASCTJQG/ref=sr_1_1?s=books&ie=UTF8&qid=1358079179&sr=1-1&keywords=land+contract+homes ... more
0 votes 2 answers Share Flag
Haig Istambo…, Real Estate Pro in Rochester, MI
Sun Jan 6, 2013
Haig Istamboulian answered:
Hello,

Here is everything that popped up on one of the MLS systems here in town. This is in Southgate and Allen Park. If you would like to be set up for an automated update of properties available on a Land Contract, contact me and I can set that up for you.

Click on the link below;

http://pub.realcomponline.com/publist.aspx?a=4506D7778603634353734353760345260&b=839524F574B404F493F4959595638

Thank you,

HAIG
(248) 379-6547
realtorhaig@aol.com
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0 votes 2 answers Share Flag
Michael Dela…,  in Battle Creek, MI
Thu Dec 27, 2012
Michael Delaware answered:
Tom, finding a home on Land Contract can be a challenge. You are looking for a seller who fits a particular profile. One who is not only willing to extend seller financing, but also one who is not underwater with a mortgage on the house. I have a book available on Amazon in the Kindle eBook format called: Understanding Land Contract Homes: In Pursuit of the American Dream. You can find it here. I tried to provide a lot of the answers to questions like this in its contents, and it might also give you some new ideas. I hope this helps, http://www.amazon.com/Understanding-Contract-Pursuit-American-ebook/dp/B00ASCTJQG/ref=sr_1_1?s=books&ie=UTF8&qid=1356626079&sr=1-1&keywords=land+contract+homes ... more
0 votes 3 answers Share Flag
Bob Schweiss, Real Estate Pro in Livonia, MI
Sat Dec 1, 2012
Bob Schweiss answered:
Hi Melissa,

If you could provide me with a little more information i would be happy to help. Number of bedrooms, baths, basement and a garage. What is your ceiling on purchases and is your credit in reasonable shape.

Usually in a Land Contract the deposit is 20% for 5 years with a ballon at the end.

Thanks

Bob Schweiss
Remerica Hometown One
(313)779-6188
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0 votes 1 answer Share Flag
Madhu Oberoi, Real Estate Pro in West Bloomfield, MI
Tue Jul 10, 2012
Madhu Oberoi answered:
please send me your email and I will send you some homes on land contract.

Madhu Oberoi
248-875-6739
madhuoberoi@realestateone.com
0 votes 1 answer Share Flag
Andy Hargrea…, Real Estate Pro in Plymouth, MI
Mon Jul 9, 2012
Andy Hargreaves answered:
No, the commission paid to your agent is paid for by the seller.
Working with a buyer agent is a free service on your end.

Do yourself a favor and find ONE agent you like, sign a contract with them so they know you're a committed buyer and share your needs with them.

You'll be pleased you did :)
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0 votes 3 answers Share Flag
Stephen Conn…, Real Estate Pro in Birmingham, MI
Thu Jun 14, 2012
Stephen Connolly answered:
Andrea,
I found 8 homes which have land contracts available. I am glad to see you are familiar with land contracts. You need to have a buyers agent who will properly represent you. Best Regards, Steve
248 819 6464
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0 votes 4 answers Share Flag
Haig Istambo…, Real Estate Pro in Rochester, MI
Tue Jun 12, 2012
Haig Istamboulian answered:
Hello,

To answer your questions; First of all a Land Contract is an agreement between a buyer and a seller. The Seller of the property provides the financing on the property, not a bank or a credit union. Both parties agree on a sales price, an interest rate and a payment.

With a Land Contract the Seller retains the Title to the property, while the buyer usually takes possession of the property. All aspects of the Land Contract are negotiable, interest rate, down payment, installment payments, length of the loan, and ballon payment, to name a few.

Generally in a Land Contract, expect to pay a higher interest rate and a decent sized down payment, depending on the cost of the property. Does your credit score have to be decent? Generally the answer is no. Sellers offer Land Contracts because a lot of buyers do not qualify for conventional financing. So Land Contracts offer buyers an alternative to buying a house, especially when a Bank or Credit Union can't qualify you for a mortgage.

What does a seller get? He gets to sell his property, usually at a higher price (because of the risk), collect a higher interest rate than a bank would, collect monthly payments, sells property at a guaranteed price in the future and can take the property back in case of default, just like a bank.

A steady income of course is necessary, but not a great credit score. All aspects of a Land Contract are negotiable. I would advise you to use a Realtor to help you negotiate the contract, the Owner (Landlord) may not have your best interest at heart if you negotiate directly with them.

Contact me if you need more information, but that is the basic summary of a Land Contract.

My contact information is below,

Thank you,

HAIG
Elias Realty
(248) 379-6547
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0 votes 1 answer Share Flag
Tim Moore, Real Estate Pro in Kitty Hawk, NC
Tue May 22, 2012
Tim Moore answered:
The majority of closing costs are from your lender and are points. A point is 1% of the loan amount which in your case would be $890 for each point charged by your lender. They also add in other fees like doc fees, loan prep fee, loan origination fee and like that. You lender must explain and list all these for you. As Steve said there are other closing costs like survey, appraisal, title search, attorney fee, inspections etc. Each case is somewhat the same and somewhat different depending on the loan type, property and location. ... more
0 votes 2 answers Share Flag
Joe Bertera, Real Estate Pro in Plymouth, MI
Tue Jan 17, 2012
Joe Bertera answered:
One thing to make sure when looking for a land contract is make sure there is no existing mortgage on the property. I have had clients come to me about their land contract where the owner quit making the mortgage payments and they are in the process being evicted by the bank, I have put together many land contract purchases over the last 3 years and would be happy to assist you.

You can call, text, or email me anytime to discuss and I can also email land contract eligible homes.

Thanks. Joe Bertera. Remerica Hometown One. 248.521.6443
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0 votes 3 answers Share Flag
Michael Warr…,  in Novi, MI
Mon Apr 4, 2011
Michael Warren answered:
Hi West

As the others have stated, without knowing the exact details of the house it is hard to determine the value of the house for purchase and renting. Paying that much for a rental house, paying non-homestead taxes, insurance and maybe a mangement fee, may not leave much of a return on investment.

Since you are looking at houses for investment purposes (rental/cash flow), you may want to consider purchasing two or three houses in the $25-40k range and renting them out. You should be able to get a good return on investment (15-20%) and have a more diversified portfolio.

Call or email if you have any questions.

Sincerely,

Mike Warren
Keller Williams Realty
734-634-5868
email: mikewaren@kw.com
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0 votes 4 answers Share Flag
Michael Warr…,  in Novi, MI
Mon Jan 3, 2011
Michael Warren answered:
Hi Pam

Need more details. Are these houses going to be sold at auction or are they going to Sheriff Sale auction.
Any other details would be helpful. Call or email if you like.

Sincerely,

Mike Warren, CDPE, SFR
Keller Williams Realty
734-634-5868
email: mikewarren@kw.com
... more
0 votes 2 answers Share Flag
Tony Grech, Real Estate Pro in Southfield, MI
Mon Feb 15, 2010
Tony Grech answered:
Child support does not normally show up on a credit report, unless a lien or judgement was filed against you for non-payment. However, in making a loan application you are required to disclose payment or receipt of child support. Failure to do so could result in loan denial or even prosecution for loan fraud. ... more
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