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ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Aug 9, 2010 2:06 PM
OK, call me an idiot, I'm ok with that. But can someone explain to me exactly what a land contract is?

I want to purchase 3 acres of land for about $40,000. Banker said something about possibly doing a land contract. Yes, I've heard of them before, but not 100% certain on what they are.
Aug 9, 2010 2:06pm
gorocks99's avatar

gorocks99

Senior Member

10,760 posts
Aug 9, 2010 2:07 PM
I'm guessing it's a contract that has to do with land.

Aug 9, 2010 2:07pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Aug 9, 2010 2:08 PM
Wow, just wow.

:D
Aug 9, 2010 2:08pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Aug 9, 2010 2:13 PM
Nevermind... Google is smarter than you:

Contractual arrangement used in some states under which a buyer purchases real estate from a seller over a period of time, usually by making periodic installment payments. Title is not conveyed to the buyer until the final payment is made. Also called an article of agreement.
Aug 9, 2010 2:13pm
like_that's avatar

like_that

1st Team All-PWN

26,625 posts
Aug 9, 2010 2:19 PM
idiot.
Aug 9, 2010 2:19pm
Commander of Awesome's avatar

Commander of Awesome

Senior Pwner

23,151 posts
Aug 9, 2010 2:21 PM
http://lmgtfy.com/?q=Land+Contract+
Aug 9, 2010 2:21pm
Darkon's avatar

Darkon

Senior Member

3,476 posts
Aug 9, 2010 2:23 PM
Found it for you ETB.

Contractual arrangement used in some states under which a buyer purchases real estate from a seller over a period of time, usually by making periodic installment payments. Title is not conveyed to the buyer until the final payment is made. Also called an article of agreement.


HAHA
Aug 9, 2010 2:23pm
BRF's avatar

BRF

Senior Member

8,748 posts
Aug 9, 2010 2:23 PM
Idiot. Hopefully there is no internet service there, either. Ha Ha!
Aug 9, 2010 2:23pm
Belly35's avatar

Belly35

Elderly Intellectual

9,716 posts
Aug 9, 2010 2:25 PM
Depending on the State and I think you live in Mich. Land Contact very and the idea of missing payment also creates a loss of land and payments is the chance you take.
Land Contract can be a saving if the land owner and buy agrees to a lower interest rate but the idea of one missed payment you lose everything.

I bought land on a Land Contract but I know that within a year I would just pay out the purchase price ..that was a big saving to me.

Grammar poor but so much knowledge and wisdrum (that was intentional)
Aug 9, 2010 2:25pm
Commander of Awesome's avatar

Commander of Awesome

Senior Pwner

23,151 posts
Aug 9, 2010 2:30 PM
Or you could just ask dynasty, he's in real estate. It only took him 5 years and 3 attempts to get his license.
Aug 9, 2010 2:30pm
Q

queencitybuckeye

Senior Member

7,117 posts
Aug 9, 2010 2:30 PM
Far riskier method of buying propery than a mortgage.
Aug 9, 2010 2:30pm
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Aug 9, 2010 2:39 PM
Commander of Awesome;446388 wrote:Or you could just ask dynasty, he's in real estate. It only took him 5 years and 3 attempts to get his license.

Dude you really have some problems, beyond just being a typical stalker. Like seriously.

Land contract is basically the same thing as a lease, except you get the title in your name, but the deed doesn't transfer until paid in full. I don't really understand it, but if you are pursuing one, you would definitely want to consult a real estate attorney.
Aug 9, 2010 2:39pm
GoChiefs's avatar

GoChiefs

Resident Maniac

16,754 posts
Aug 9, 2010 2:47 PM
Commander of Awesome;446388 wrote:Or you could just ask dynasty,

You got a man crush on this guy or something? Can you go one thread without mentioning him?
Aug 9, 2010 2:47pm
Heretic's avatar

Heretic

Son of the Sun

18,820 posts
Aug 9, 2010 2:49 PM
GoChiefs;446410 wrote:You got a man crush on this guy or something? Can you go one thread without mentioning him?

Wuh-roh! Someone's angling for the Monday, Aug. 9, 2010 "Mod FAIL of the Day" award!
Aug 9, 2010 2:49pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Aug 9, 2010 2:52 PM
BRF;446378 wrote:Idiot. Hopefully there is no internet service there, either. Ha Ha!

:(
Aug 9, 2010 2:52pm
GoChiefs's avatar

GoChiefs

Resident Maniac

16,754 posts
Aug 9, 2010 2:56 PM
Heretic;446418 wrote:Wuh-roh! Someone's angling for the Monday, Aug. 9, 2010 "Mod FAIL of the Day" award!

pwned!
Aug 9, 2010 2:56pm
BRF's avatar

BRF

Senior Member

8,748 posts
Aug 9, 2010 3:08 PM
ernest_t_bass;446425 wrote::(
Just so you know, I was kidding with ya. But next time you have a question like that, just Google it first!
Aug 9, 2010 3:08pm
LJ's avatar

LJ

Senior Member

16,351 posts
Aug 9, 2010 3:18 PM
Just buy the land then lease it to a farmer and get cauv until you are ready to use it
Aug 9, 2010 3:18pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Aug 9, 2010 3:24 PM
Thing that sucks, with a land purchase we have to have 25% down.
Aug 9, 2010 3:24pm
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Aug 9, 2010 3:35 PM
ernest_t_bass;446475 wrote:Thing that sucks, with a land purchase we have to have 25% down.

Says who? I thought the point of a land contract, in most cases was the buyer didn't have good enough credit to get a loan from the bank, or didn't have enough of a down payment to get a loan from the bank?
Aug 9, 2010 3:35pm
C

Con_Alma

Senior Member

12,198 posts
Aug 9, 2010 3:38 PM
Can you buy land with a bank loan without 25% down??
Aug 9, 2010 3:38pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Aug 9, 2010 3:39 PM
thedynasty1998;446496 wrote:Says who? I thought the point of a land contract, in most cases was the buyer didn't have good enough credit to get a loan from the bank, or didn't have enough of a down payment to get a loan from the bank?

Oops... That's from the bank. The 25% down is the reason I asked about land contract.
Aug 9, 2010 3:39pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Aug 9, 2010 3:39 PM
Con_Alma;446501 wrote:Can you buy land with a bank loan without 25% down??

Not sure. Have only talked to one bank.
Aug 9, 2010 3:39pm
S

Steel Valley Football

Senior Member

4,548 posts
Aug 9, 2010 4:34 PM
Dynasty are you in real estate? Maybe you can join in the discussion thread I'm going to start with Con Alma about market value.
Aug 9, 2010 4:34pm
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Aug 9, 2010 4:43 PM
Steel Valley Football;446562 wrote:Dynasty are you in real estate? Maybe you can join in the discussion thread I'm going to start with Con Alma about market value.

I have my RE license and they are active, but am not currently "using" my license.

I'd never pretend to be an expert, but was able to pass the test, so take it for what it's worth.
Aug 9, 2010 4:43pm