ernest_t_bass
Posts: 24,984
Aug 9, 2010 2:06pm
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.
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.
gorocks99
Posts: 10,760
Aug 9, 2010 2:07pm
I'm guessing it's a contract that has to do with land.
ernest_t_bass
Posts: 24,984
Aug 9, 2010 2:08pm
Wow, just wow.
ernest_t_bass
Posts: 24,984
Aug 9, 2010 2:13pm
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.
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.
like_that
Posts: 26,625
Aug 9, 2010 2:19pm
idiot.
Commander of Awesome
Posts: 23,151
Aug 9, 2010 2:21pm
Darkon
Posts: 3,476
Aug 9, 2010 2:23pm
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
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
BRF
Posts: 8,748
Aug 9, 2010 2:23pm
Idiot. Hopefully there is no internet service there, either. Ha Ha!
Belly35
Posts: 9,716
Aug 9, 2010 2:25pm
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)
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)
Commander of Awesome
Posts: 23,151
Aug 9, 2010 2:30pm
Or you could just ask dynasty, he's in real estate. It only took him 5 years and 3 attempts to get his license.
Q
queencitybuckeye
Posts: 7,117
Aug 9, 2010 2:30pm
Far riskier method of buying propery than a mortgage.
thedynasty1998
Posts: 6,844
Aug 9, 2010 2:39pm
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.
GoChiefs
Posts: 16,754
Aug 9, 2010 2:47pm
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?
Heretic
Posts: 18,820
Aug 9, 2010 2:49pm
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!
ernest_t_bass
Posts: 24,984
Aug 9, 2010 2:52pm
BRF;446378 wrote:Idiot. Hopefully there is no internet service there, either. Ha Ha!
GoChiefs
Posts: 16,754
Aug 9, 2010 2:56pm
Heretic;446418 wrote:Wuh-roh! Someone's angling for the Monday, Aug. 9, 2010 "Mod FAIL of the Day" award!
pwned!
BRF
Posts: 8,748
Aug 9, 2010 3:08pm
Just so you know, I was kidding with ya. But next time you have a question like that, just Google it first!ernest_t_bass;446425 wrote:
LJ
Posts: 16,351
Aug 9, 2010 3:18pm
Just buy the land then lease it to a farmer and get cauv until you are ready to use it
ernest_t_bass
Posts: 24,984
Aug 9, 2010 3:24pm
Thing that sucks, with a land purchase we have to have 25% down.
thedynasty1998
Posts: 6,844
Aug 9, 2010 3:35pm
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?
C
Con_Alma
Posts: 12,198
Aug 9, 2010 3:38pm
Can you buy land with a bank loan without 25% down??
ernest_t_bass
Posts: 24,984
Aug 9, 2010 3:39pm
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.
ernest_t_bass
Posts: 24,984
Aug 9, 2010 3:39pm
Con_Alma;446501 wrote:Can you buy land with a bank loan without 25% down??
Not sure. Have only talked to one bank.
S
Steel Valley Football
Posts: 4,548
Aug 9, 2010 4:34pm
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.
thedynasty1998
Posts: 6,844
Aug 9, 2010 4:43pm
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.