How do we go about finding a land contract as we want to buy a house, but have bad credit?

Asked by Erin, Verona, PA Fri Jan 28, 2011

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Benny Smith, Agent, Pittsburgh, PA
Sat Jan 29, 2011
The kee in PA is to have cash or other desireable item to offer, so the seller has an incentive to take a chance on you. . I was in HVAC for a time so when I had a seller who could not sell at a fair price because the old boiler had rusted thru and distroyed a rear room of the home. Instead of cash I installed a new HVAC system one week after we signed the agreement, and later removed the old systewm and made repairs to the rear room all in accordance with local zoning. I made a great profit and the seller got more for his home than he could have recieved without a large investment. If I had walked away he would have had a new HVAC System installed and paid for. The point is in a state like PA where we have a fair buy sometimes slow market you need to make sure the seller has a benifit in case you default. Think Win Win. Hope this helps.
Benny Smith
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Erica Ramus,…, Agent, Pottsville, PA
Fri Jan 28, 2011
First you need to find a property where the owner agrees to hold the financing. That could be hard, depending on your area. Many sellers want/need to sell and get the proceeds. They don't want to wait or get paid monthly.

Second, you need to have some sort of downpayment, to give the seller. I do land contracts in my area, but we require 10-20% downpayment.
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