Author: Evan Vanderwey
Website: http://www.lansingmimortgage.com/land-contracts-part-i.html
Many home sellers are using Land Contracts in this market to sell their homes. This series of posts should help you make a good decision about whether it’s right for you.
The appeal of this type of sale are multi-faceted. Here is a non-exhaustive list of benefits to you as the seller in a Land Contract scenario:
1. Buyers are less discriminating. Buyers who want to buy a home on land contract are likely doing so because they cannot get a mortgage for whatever reason. The most common one being a low credit score or a recent foreclosure or bankruptcy. These legal actions take most people a few years to recover from, and in the meantime they still need a place to live. It is possible to evaluate these potential buyers to determine if they will be able to get a mortgage in the near term. Until then, they’ll be negotiating less aggressively. You are not taking advantage of them–you are offering them something they can’t get in “open market.”
2. Sale price can be…
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