Most Michigan homes and homes across the nation are taking a long time to sell. Here are some options to think about. Do you have a lot of equity in the house? Do you actually need to sell your Michigan home to buy another? Do you have money in the bank to put down on another house? Could you sell the house on land contract or lease with option to buy? This would allow you to cover your old mortgage payment, earn interest, and sell the home all at the same time.
For some people a land contract sale or lease with option to buy might be the right way to sell a home. There are many people out there that have bruised credit. They won't get approved for a home mortgage in this market. But they want to buy! They may have had a foreclosure, but may have learned their lesson about buying too big of a home. They have a good job, have too many possessions to rent an apartment, and want home ownership.
There is a market for this. Get a down payment, sell the home on a land contract at a slightly higher interest rate than conforming credit people. You as a home seller could make a profit on selling the home and earn monthly interest. You would be getting the best of both worlds!
One of the ways you can do this is to do a 5 or 10 year balloon land contract amortized over 30 years. The buyer would get normal payments, but would be forced to get a bank loan in 5 or 10 years. Their credit should be better, and they should be able to get a loan. In 5 or 10 years you would be free of the house.
Whether you have a Canton home, a Livonia Home, Novi Home, or any metro Detroit home there are many things you can do to increase your chances of selling your home at a fair price. For more Michigan sellers tips go to my website www.RussRavary.com
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Russ Ravary your Metro Detroit realtor
Great information! We have to think outside the box in our current market. Home staging is another way to help a home to sell.
Property Staging Consultants is offereing a training class for REALTORS March 27-28 in Novi.
For more info, go to Propertystagingconsultants.com
I have been trying to find a home on land contract in my area, Wyandotte Mi. or Allen Park. I am having a very hard time finding them though. If anyone knows of a house for sale on land contract in these areas could you please have them email me with info. Thank you. I am paying over 1200.00 a month on rent and I do not have enough credit to buy a home. Please email at saragarcia33@yahoo.com.
Land contracts will soon be a thing of the past. Come the end of July that is. I just did a video on this
http://blip.tv/file/3635455
Also, just a word of caution to the readers out there. You can not sell a home on a land contract if there is a mortgage on it. That would trigger the due on sale clause that is in you mortgage and the bank could call the note due right then & there.