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Au Gres : Real Estate Advice

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Activity 3
Tue Aug 11, 2015
Karen Wiltse answered:
It is possible if you find the right seller. I am sure I can help
call me at 989 737 4078
Robert
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Fri Nov 23, 2012
Kathy Persha answered:
Definitely wishful thinking. You can't even lease a house without putting down a security deposit. Most land contracts will require a substanntial deposit. I have seen as high as 50% of the purchase price. The seller is taking a huge risk on a land contract and for that high risk, the buyer must put down a substantial deposit. If the buyer defaults on the land contract, the seller has to foreclose to take possession of the house back. And, if the house is trashed, the money to fix it up can be substantial, that is why the deposit on land contracts is so high.

My advice would be for your daughter to look for a lease option or just rent until she has a deposit and the credit rating to get mortgage approval.

Kathy Persha, Realtor
CDPE. SFR, CIAS
Nextage Advanced Realty
248-930-0198
... more
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