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.... more
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
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
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
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.
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
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.
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
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.
Remerica Hometown One
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... more
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.