How does land contract work?

Asked by Gregory Nolden, Detroit, MI Mon Jun 6, 2011

I am looking for homes for rent with option to buy or land contract. My credit is lwss than perfect and I have a bankruptcy, my husband is unemployed right now and we are paying 850 in rent. Could someone please help us to find a home to own?

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Craig Snead, Both Buyer And Seller, Wayne County, MI
Mon Jun 6, 2011
Jacqueline, A land contract is an agreement between the seller and the buyer. The terms of the agreement are negotiable. These terms include purchase price, the amount of the down payment, the length of the contract, the payment amount and the interest rate. The seller will still want you to meet requirements to qualify for the land contract. The land contract should outline in full detail, all terms of the agreement and then be recorded. Have a real estate attorney review the contract before you agree to the terms and sign it.
If your credit is less than perfect, buying on a land contract gives you the opportunity, over time, to improve your credit through credit counseling to position yourself to qualify for a mortgage and pay off the land contract.
I hope you find this information helpful.
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