I am a recent divorcée, Looking for a land contract home in the Grand Rapids area. 5000.00 down up to 1500 monthly, up to 200,000 on purchase

Asked by Tina Adams, Grand Rapids, MI Tue Nov 1, 2011

price. Income is not an issue. Same employer for 11 yrs. Bruised credit. I would like a 1800 sq ft. (or larger) 4 bedroom 3 bath. A/C a must. 1.5 yrs with great rental history. Any advice?

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7
Karl Roelofs, , Grand Rapids, MI
Wed Jan 4, 2012
I can help you!! Please email me at kroelofs@grar.com, or call me at 616 308 2631.

Thanks!!

Karl
0 votes
Steve Dykstra, Agent, Rockford, MI
Wed Jan 4, 2012
Land contracts are great but the seller needs to own the home free and clear and they will normally want to sell the home with at least 10% - 25% down. The seller will have almost 8% in closing cost and he has to deal with the risk of acting like a bank
0 votes
Karl Roelofs, , Grand Rapids, MI
Thu Nov 3, 2011
I can only help you if you contact me at kroelofs@grar.com or 616 308 2631.

Thanks!!

Karl Coldwell Banker AJS Schmidt
0 votes
Mirzet Alic, Agent, Kentwood, MI
Tue Nov 1, 2011
I actually do have a home like that. $ 124000, 5% down, 1200 a month, 3 year pay off.
Please contact me to discuss.
616-634-4376, malic@greenridge.com
Thank you
0 votes
Dan Stegman, Agent, Grand Rapids, MI
Tue Nov 1, 2011
I agree with Jon that it will be difficult because not only are the closing costs higher than $5,000, a seller will need to own the home free and clear in order to sell to you on a land contract because virtually all mortgages these days have a due on sale clause. In other words, you might be able to find a seller, by owner to sell to you with $5,000 down but that seller could be in trouble with his bank afterwards because that bank has cause to call his loan due. The sellers problem eventually becomes yours because the bank can foreclose on the title holder and get the house back. My advice is to make sure the property is free and clear that you are buying and your best bet is to find a new home builder who has a spec home that has been on the market for a while. Otherwise, have you pursued trying to get approved through a lender that is good at helping people with bruised credit get qualified? Contact me if you want to try that.
0 votes
Brek Schutten, Agent, Grand Rapids, MI
Tue Nov 1, 2011
$5,000 down payment is not a lot when you are talking about a land contract, but there might be options for you. Have you looked into a lease/option to purchase? Both Land Contracts and Lease/Options are somewhat scarce right now, but it's possible to find the perfect situation for you. Contact me if you would like some help searching for a home that fits what you are looking for. Thanks!
0 votes
Jon Porrey, Agent, Fenwick, MI
Tue Nov 1, 2011
You would probably have to find a private party to work a LC like that. Realtors will expect a commission and they would need 12K just to cover that. In that range of price if a LC was available you would probably need 25K down minimum. Just being realistic.
0 votes
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