Hi, Are the sellers open to a land contract?

Asked by Carl Hommes, Mentor, OH Fri Jan 18, 2013


Carl chommes@gmail.com

This question was asked from this property: http://www.trulia.com/property/3098877556-395-S-Amboy-Rd-Con…

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Donna Tropp, Agent, Ashtabula, OH
Fri Jan 18, 2013
Some sellers are open to land contracts but it really all depends on their situation, i.e., do they have a mortgage on the current home, can they afford to continue to carry that mortgage, how big of a risk are they willing to take by allowing someone to live in their home because, if you default on the land contract, they may have to foreclose on you. It also depends on if they have an agent who understands land contracts and how to explain the benefits and risks involved. As a buyer, always remember, the more attractive you make the land contract to the seller, i.e., amount of down payment, length of the terms, your losses if you default, etc., the more at ease you will make the seller. If you have any other questions or would like assistance with this, please feel free to contact me at 440-862-2886.
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