5 year land contracts with a balloon payment!
Asked Jun 26, 2008, 07:49 PM
My parents were offered a 5 year land contract with an option for 5 more. As they get closer to signing the contract the contract now has only the option for 5 (no more 5 year extra).
They are doing a land contract because they were foreclosed on. What are the chances of them getting financed in 5 years from now? What are the back ups if they don't have the option to reset the 5 year land contract a few years from now?
Any advice you could give would be helpful. I feel like they don't know enough about it to make an educated decision!