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Pursuing a Land contract. Need Fr Chuck and all.:)
Hey everyone...
This seems like a great forum, and Ive learned a lot just lurking about. Now I guess its my turn to ask a question. We currently live in the great, but terrible market state of Michigan. To double whammy us, we are self-employed with a seasonal job. We make great money, but are having trouble qualifying for a conventional loan. We have found a great country house that we have heard that the owner will consider selling on land contract. So this is what we are figuring. Its offer price is 264k, and we are going to go in around 254 with 5% down this year, 5% down next year, and 3% down the following year. All to total a down payment of around 30k. Also we are hoping for monthly payments around 1500-1700. The term we are looking for is closer to 10 years as we are 27 right now, and by then I know for SURE we would qualify. We also want to ask that the contract stay open so we can add as many additional payments just to the principal. I really have no credit (Im a stay at home mom) and my hubby is working on repairing credit he trashed from 18-20 being a donkey. Anyhow, It is a single, older gentlemen, who is a country guy and I am hoping it will work out for both of us. Can I have your advice? We are thinking of putting the offer in shortly, and hoping for the best. Thank you in advance :) Bre |
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Hello Bre:
I don't know where the Padre is right now. He's the guy all right. But, I'll bet that no matter how much he's able to educate you, he's going to recommend that you have a real estate attorney draw up your land contract. That way, you'll always have somebody THERE with whom you can discuss land contracts and how they change over time as peoples circumstances do... excon |
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Get a real estate attorney to handle this for you as your terms sound complicated and there could be plenty of loopholes to fill in. With that amount of money involved it would be very foolish not to. Land contracts have their advantages and disadvantages. Be sure you understand the disadvantages before handing all your money over.
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