Need to Sell or Buy Land Contract Houses in Michigan? - blog*spot

Land Contract Houses in Michigan

Land contract houses in Michigan are one option to think about if you want to either buy or sell real estate.

Many states do not have favorable land contract laws, but Michigan is one that does, which is why such a significant percentage of real estate transactions in this state are done via land contract.

Especially popular are (FSBO) homes for sale by owner land contract Michigan.

A land contract is sometimes called a "contract for deed." This simply a contract between the owner (seller) and buyer. The price is negotiated and agreed upon upfront.

Land contracts give the buyer ownership of the property -- stated differently, the seller gives the buyer equitable title. Payments are made in installments, not all at once.

After all the payments have been made, the seller must then legally hand over the deed to the property.

So, what are the advantages for land contracts?

Well, for starters, closing costs and other fees are, generally speaking, quite a bit lower with land contracts. Typical mortgage loans cost more due to third party fees.

Land contracts help sellers move their property in a soft market, help buyers by lowering their fees, and also attract buyers who can not get qualified for a mortgage yet.

In addition, the buyer who could not get a mortgage through a traditional lender then will have time to improve their credit so that they can qualify for a longer term, lower rate mortgage.

Real estate investors can also benefit quite a bit from land contracts. First, if you are an investor with a property, a land contract may be the way to sell it.

Secondly, investors sometimes -- like we do here at buy-sell-michigan-real-estate.com -- get in contact with sellers who will work on terms and sell via land contract and match them up with buyers who want to purchase the property.

Therefore, if you are a FSBO, real estate agent, or investor (whether you do wholesaling, rehabbing work, or landlording), you can sell via land contract houses in Michigan. Just contact us here and we can probably help you either sell or buy on land contract. What's in it for us? We'll make a small assignment fee for our efforts.

For those who are interested in knowing how payment installments are typically mad with homes for sale by owner land contract Michigan.

It is common for the installment payments to be much like mortgage payments. The amount is often arrived at using a mortgage amortization schedule. Similar to a mortgage, each installment payment is partially allotted to the purchase price and partially to the interest on the unpaid purchase price.

Need to Sell or Buy Land Contract Houses in Michigan? Get the Facts

Dan Ho is a real estate and chief editor of Buy-Sell-Michigan-Real-Estate. Please contact us if you are trying to sell or buy land contract houses in Michigan [http://www.buy-sell-michigan-real-estate.com/land-contract-houses-in-Michigan.html]. Visit: [http://www.buy-sell-michigan-real-estate.com/land-contract-houses-in-Michigan.html]

Source: http://homebuilderalone.blogspot.com/2012/08/need-to-sell-or-buy-land-contract.html

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