Posts

Selling By Land Contract

profile photo
  • Contributed by
  • Tuesday, September 30, 2003 @ 02:34 PM EDT
  • 4 Comments

I need some advice. We currently live in a very old fixer upper. We have been in the house about 7 years, and have done some work, not much. I belive that we don't have a lot of equity either, since we re-fied last fall. Anyway, we are out growing the house and would very much like to sell it. Not sure if it will sell by a realtor in its present condition. Can anyone tell me if doing a Land Contract would help us sell the house? I really don't know why folks go Land Contract but I assuming that perhaps its becuase they can't get other funding???

Thanks LRen smile

Comments(4)

  • no photo
    64Ford29th September, 2003

    Land Contracts, or Contracts for Deed. open your property up to a greater number of potential buyers. Yes, it is very possible that the land contract folks are using that method to purchase becasue their credit may not be in the best condition.
    Screen these people well, or you may end up chasing your payment down every months.
    A lot of times these are coupled with leases. YOu local attorney can help you draw up.
    Another method you may consider is the lease option. It is similar, but not quite the saem as the house remains yours until the option is exercised.

    Good Luck!

  • no photo
    SolutionsKid29th September, 2003

    64 is right.

    Just wish I lived closer to you, I could help you out

    Good luck with the selling, if you need any help with wording or advertising, drop me a line (check profile for email)

    The Solutions Kid
    [addsig]

  • no photo
    30th September, 2003

    Thanks! Do you have anyother advise for us about going this route? I do live in Ohio-- Solution Kid! You don't live that far from me! Now I'm very interested, in possibly doing this, we really need to get out from under this house! LRen

    PS, how do you go about leasing your house out or selling on land contract, when you have a mortgage? I mean how do you get around that with the bank?

    [ Edited by LRen on Date 09/30/2003 ]

  • no photo
    Lethe30th September, 2003

    An FYI on an alternate here in Maryland. The land installment contract. So long as the following points are in the contract it makes a for a great tool.

    1) At least 6 payments are made over a particular period of time.

    2) The contractee is a private individual

    3) The house will be the contractee's primary residence

    4) Selling price of house

    Then the transfer taxes don't have to be paid until the contractee pays off the contract.

    I have found this to be a valuable tool as well.

Add Comment

Login To Comment