Home Buying in 48127>Question Details

Deborah, Home Buyer in Dearborn, MI

land contract Information needed.

Asked by Deborah, Dearborn, MI Sun Oct 19, 2008

I would like to purchase a home with a land contract in Dearborn Heights 48127, and would like to put down 10k or so and pay off the house in 3-5 years. Given that the house is purchased at a very low price of 30,000 to 40,000. How would I go about doing this. And is this something that is possible given that the house market is way down. I am looking for a small house around 1000 sq, with basment. Do I have a chance to find something right now? anyone with any information about how the land contract works (the in's and out's) if you could please explain and give as much info as possible. Thank You very much

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2
Deb,

I suggest taking a look at this article recently written. The Title is for renters, but land contracts have the same potential pitfalls.

http://activerain.com/blogsview/718464/Renting-to-OwnCan-Hid…

There are 30 homes for sale at less than 40,000. Please take some time to research Dearborn Hgts city certification. I suspect many of these homes will not pass. Remember, you do not own the home, regardless of repairs performed.

http://mi-living.com/remaxmi/modules/agent/agent.asp?p=finda…
Web Reference: http://mi-living.com
1 vote Thank Flag Link Sun Oct 19, 2008
Deborah:
A land contract is often referred to as seller financing. It is often an alternative to a traditional mortgage when credit, income or other factors may prevent a buyer from qualifying. Sellers often use land contract terms to increase the universe of buyers for their home or they may wish to earn the interest income. In Michigan, there are a few lenders who will even accept Land Contract terms on their REO's. You can find a link to First National Bank Michigan REOs at my website http://www.REOmamma.com They will consider anyone with a 10% down payment for land contract terms on their bank owned homes and are very flexible.
Web Reference: http://www.REOmamma.com
0 votes Thank Flag Link Sat Apr 18, 2009
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