Are "motivated sellers" likely to agree to a land contract? Or want to close immediately?

Question

There is no way I am going through a bank for a home loan. I am a student paying outrageous rent in this area and I would rather put my $ into something of value. I will be in school for another 4 years (including grad school) and would love to raise my kids here. Any suggestions?

*I am paying $800/month in a southern city of WV w/a population of 60,000. The house I have been in love w/is listed @ $60k.

My mom, boyfriend and I have discussed buying it on a land contract and renting the other 2 bedrooms out to other college students-$400 month.

Answer 1

If the listing is with a Realtor, not likely, as long as it is under a "listing contract".
If the owner did that, Realtor commissions would still have to be paid, in cash by someone.

If it is not listed with a Realtor, a very good possibility. It may depend on the cash needs of the seller. If a "Mortgage Lien" exists on the home, not likely.
You can easily make required payments and probably be less with a lender, although you could continue with "over payments" to be applied to the principle.

As for renting, the owner would have to agree to that in writing since they would be carrying the note. A lender would not care.

Answer 2

That would depend alot on if the sellers are possibly paying on two mortgages, the house they may have already bought and the one you are interested in. Some sellers will go ahead and sell on contract to reduce their monthly mortgages to one payment, although others will want to sell it right off to get their money. You will still probably have to get a loan eventually though, because most contracts are only for a limited number of years.