Land Contract

Posted by Amy Hussar (66.227.250.61) on June 06, 2003 at 18:00:00:

In Reply to: Credit Issues and Buying a Home posted by RAE on June 02, 2003 at 08:43:49:

There is also such a thing as a land contract (also referred to as "owner-financing"). There generally aren't any credit checks, fees, or other garbage like with regular mortgages.....

Be advised, though, that a lot of private sellers don't like this option, because of the potential for getting the house back if the buyer defaults - they don't want to deal with trying to sell it again.

However, if buyers do get into a land contract situation, they can eventually convert the land contract to a regular mortgage after a while if they so desire (and if their finances are in relatively good shape)........

Just a thought.......

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