LAND CONTRACT
I need guidance. Can I sell a house
on LAND CONTRACT if the Mortgage
is partially outstanding ????
Sayana 
I need guidance. Can I sell a house
on LAND CONTRACT if the Mortgage
is partially outstanding ????
Sayana
Yes, but then it's your obligation legally to cover the underlying costs, note payments, etc., so you can perform on your end of the contract.
Hi,
I still get confused about land contracts. I have a deal to buy my neighbor's house and am wondering if a land contract might work. He plans to retire, sell, move to Fl, have home built by mid-July.
He is willing to sell as is (incomplete fence, new det. garage, needs driveway, roof, trim around new hardwood type floors). Sell for $150 (I plan to offer $143,000), est. $8-12K in repairs, ARV should be $175 - 185,000.
He's willing to carry it a while to refi, but they said they would only give 80% LTV and their numskull online apprisal came back at $134K. There are no good sold comps here recently but I know of 3 good appraisals to bear out my ARV, including my own home.
Any ideas on how to structure a deal so I have no $$ down and get some cash for the repairs?
Was planning to buy as a fix and sell, desirable neighborhood should sell if priced right.
I'm also completely rehabbing another one down the street, should sell for $160K (it's not brick, no detached garage, no pool, no full basement).. This just fell in my lap, and I know the numbers aren't fabulous -- no 40% LTV -- but ok for me. And close to home!
Any advice appreciated!
Shelly in GA :-?
John Merchant:
Thanks for the info.
Is it necessary to get permission of the
mortgage lender for selling the property
on LAND CONTRACT ? Please elucidate your response.
sayana