Difference between revisions of "Buy a Home With a Land Contract"
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A land contract is a way to purchase a house without getting a mortgage from a bank. Instead, the seller effectively becomes a lender and privately negotiates a payment schedule with the buyer. This can be a risky proposition, but it can also be very profitable, especially for the seller. For a buyer whose credit history has proven to be an obstacle to obtaining a traditional mortgage, a land contract can be the best way to get a home. However, the buyer should be confident of his or her ability to pay before entering into a land contract. | A land contract is a way to purchase a house without getting a mortgage from a bank. Instead, the seller effectively becomes a lender and privately negotiates a payment schedule with the buyer. This can be a risky proposition, but it can also be very profitable, especially for the seller. For a buyer whose credit history has proven to be an obstacle to obtaining a traditional mortgage, a land contract can be the best way to get a home. However, the buyer should be confident of his or her ability to pay before entering into a land contract. | ||
| − | [[Category:Buying Property]] | + | [[Category: Buying Property]] |
== Steps == | == Steps == | ||
===Understanding Land Contracts=== | ===Understanding Land Contracts=== | ||
