[nuttsrus2005]

I own a property in Michigan.. I am selling it to someone right now on land contract.. I have been having issues with these people.. What I would like to know is if I can sell my contract to someone else and have them deal with the people..

[ScottGem]

Depends on what the contract says. Most likely you can, but you have to stipulate that the buyer must honor the existing contract.

You also need to realize that you will get a small fraction of the value of the contract. For example, lets say they current buyers bought the property for $100K and have paid $30K so far. You are not going to get $70K if you sell it. Any buyer who is going to put up money to take over this contract is probably going to pay you half of what the balance due is. Maybe less.

[Fr_Chuck]

Normally you can, but the property is tied to the contract. Normally if there are already problems, and if the people have bad credit, you will only get 30 to 40 cents on the dollar. ( if that much) I will be honest I have bought some contracts for as low as 15 cents on the dollar.


At that point, I own the contract, if the people do not follow it, exactly, I would take back home and evict them, using what terms the contract allows.
A good contract converts contact to rental, once they are in default.

So if they are causing trouble, why not just get them out of house and resale house to someone else.