can you do a land contract?

Asked by Shomiona Johnson, Saginaw, MI Sun Jan 18, 2009

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Ray Spitler, Agent, Plymouth, MI
Wed May 19, 2010
It depends...
What down payment and terms are you offering?
What property are you interested in?
What is the reason you seek a Land Contract vs getting a Mortgage?

The Seller will ask these questions, so be prepared with the answers.
Some Sellers will consider, most won't.
Your Buyer's Agent can help you located the right property.
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Dp2, , Virginia
Sun Jan 18, 2009
This listing barely contained any details about the subject property; yet, based upon its listing price and the average sales price in Saginaw, I suspect you're dealing with a REO. If this property is a REO, then it's highly unlikely you'll be able to negotiate a land contract for this property. However, you might be able to get the seller (the bank) to finance this property at a nice rate.

In case this property isn't a REO, then you might do better to acquire this property using either a purchase-money mortgage or a wrap instead of a land contract.
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Maureen Fran…, Agent, Birmingham, MI
Sun Jan 18, 2009

You are not talking directly to the seller here. This property is listed with a Realtor. Have your Realtor see if the land contract is possible. The home says it is being sold as-is.

Good luck.
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