How to locate homes available under land contract in MI?

Question

I have been looking and cannot find a good source, most realtors don't want to be bothered.

Answer 1

Since no one else has taken a shot at this question, I will do my best for you. The reason is that no realtors want to be bothered with finding a property for you under land contract is that such properties simply are not out there. Sellers these days want CASH for their properties. They do not want to act like a bank/lender, and that is what they are doing under a land contract.

I'm guessing that you are looking for a land contract because you do not, for whatever reason, qualify for conventional bank financing. Think in THESE terms. If a bank won't lend to you, why would a seller want to take on a similar financial risk ?

The ONLY land contracts I see these days come for two reasons. First, if the buyer/seller are related and want to make such an arrangement for family reasons. Second, if the property is SUCH a dog that there is no other way to find a buyer for it, a seller MIGHT take the risk.

Don't hold your breathing waiting to find one of these historic gems hanging around. It's a thing of the past, for all practical purposes.

Answer 2

There are some land contracts still available. They are usually at a higher interest rate than a standard mortgage. I have two homes listed right now that offer a land contract.

Answer 3

go to www.liveinmacomb.com, you can sign up for free land contracts listings

hope this helps