Farmington Hills Real Estate and Events talk Michigan

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Home not selling?

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 HomeNovi 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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My Month of December quote:

“The fear of death follows from the fear of life.
A man who lives fully is prepared to die at any time.”

~ Mark Twain”

                                              

Russ Ravary

"helping make your move easier"

your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs.   I love showing and selling Oakland County and Livingston County Lake front homes too.

           

 

Comments

Interesting post.
Posted by Kirk Williams (Private Venture Capital ) almost 4 years ago
I never considered that, I will have to keep that in mind. Thanks!
Posted by Richard Klink - Syracuse Homes (Prudential CNY Realty) almost 4 years ago
I sold my home last week that way and gave the guy 18 months to get a loan. I think if you check them out and make sure they give enough money down so they won`t walk away it can work. I bought a house like that once before I had credit and worked for me. I do believe you have to be careful and make sure both sides are informed.
Posted by Vickie Gambrell (Baron Agency) almost 4 years ago

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

Posted by Tami Hill (Realty One Group) almost 4 years ago

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.

Posted by sara garcia almost 4 years ago

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.

Posted by Jeremy Drobeck (AmeriFrist Home Mortgage) over 1 year ago

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