I can't go through a bank for financing. My parents will be giving me the $ for the house but I still can't use a bank. I really like one house, but no contact has been made with the owner. If it doesn't work out with this house.. how else will I know who is more likely to do a land contract?
Signs in yards like "for sale by owner", is that a slight indication?
2006-11-14 12:24:46 · 5 answers · asked by PlasticTrees 2 in Business & Finance ➔ Renting & Real Estate
Usually...The sign is an indication that they are not going through a real estate company. They are selling it themselves. Unless you have all the money upfront and make the sell with a receipt (the house is completely paid for by previous owners), I have never heard of someone having a mortgage without a bank. It is risky business for the person selling. If this is possible, then look for older people, moving people, etc. They tend to be more desperate.
Ask around. See if you get any interested sellers. It's worth a try!
Good luck!
2006-11-14 12:26:12 · answer #1 · answered by Flighty 1 3 · 0⤊ 0⤋
Don't buy using a land contract, AKA contract for deed, AKA "no bank qualifying", AKA "non-qualifying assumption". There are sellers out there who will do it, and Realtors who know where they are. If you really want one, there are Realtors who will do this to you. I'm not one, and I won't give you the names of any.
"For Sale By Owner" means that the owner is marketing the property instead of a Realtor. It does not mean that the payments will be made to the owner. However, someone who is not represented by an ethical Realtor (a For Sale By Owner) may be ignorant enough about the risks involved so they might be a good target to trick into a land contract. The risks are not only for the buyer, but for the seller also.
I list foreclosures for a bank here in San Antonio, and I sell some of the HUD houses too. In tracking the history of foreclosures, many were "sold" using the contract for deed scheme a few years prior to the foreclosure.
2006-11-14 13:11:08 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
The signs may not be a good indicator as they may not be willing to go land contract.
I'd put an advert in the paper. Say "Looking to do a land contract on a house in the ____ area" and say how many bedrooms you need, your price range, etc.
That and word of mouth are the two best ways.
2006-11-14 12:27:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the share of persons that surely stick to by with a hire to possess is somewhat low. i could recommend your ultimate option to sell is to grant it on the marketplace by classic approaches besides. some purchasers are careful of the land contract, they do no longer desire to apply that determination.
2016-12-14 07:21:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
realitors have info on homes in the area where you live regarding land contract.
2006-11-14 12:40:46 · answer #5 · answered by jbearbooboo 3 · 0⤊ 0⤋