Land Contracts – Part III – Horror Stories!!
Author: Evan Vanderwey
Website: http://www.lansingmimortgage.com/land-contracts-part-iii.htm…
The fact is that some sellers who have used land contracts have had horrible experiences, and you need to be prepared that some negative things could happen.
What is the worst? Since you are going to stay in control, keeping the home insurance and taxes paid, you are not in jeopardy of losing the home to a fire or of having the property tax authority taking over your home because of an unpaid bill. That would be really bad. YOUR buyers have the ability to pay you slowly, sometimes nothing for a while. But you will keep your payments up; therefore, your interests in the home are protected.
The most realistic and likely negative thing that could happen goes something like this: You meet a nice family, down on their luck and in need of help. You look at their credit and hear their story – although they lost a home to foreclosure 8 months ago, their story of a job loss checks out on the tax returns, and his new paycheck stub says that they can again afford to make a…
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