Forest

Land Contracts are seller financed properties in which you own the property and are paying the monthly payments to the seller until the balance is paid off.  The land contract will allow you to own your home while your repair your credit to refinance at a lower interest rate if a balloon payment is required.

What is needed for a land contract is around 10-30% down towards the house and a monthly payment that will allow you to pay off the house or a balloon structure that will allow you to refinance through more conventional mean and ideally at a lower interest rate.

Example of Balloon Structure:

Property                                          $100,000

Down Payment                                 $20,000

Balance                                             $80,000

Interest rate                                              8%

Payments (w/o tax & Ins.)                   $765

Period (15 yr schedule)                     2 years

Refinance Amount                          $74,000 

In some cases the seller of the house is willing to land contract the property until it is fully paid off and this tends to be the most common form of land contract structures.  Land Contracts though are on a case by case basis and depend on the seller and buyer agreeing to terms.  For more information and to see what is available on the market feel free to contact us.

Phone Number is best way of contact so we can build a 1on1 relationship and help us understand what your property needs are and what land contract best suits you.

Personal Land Contract List Request

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Michiganlandcontracts.com is not a mortgage broker, we connect home buyers looking for alternative means of owning a home and home owners willing to sell on land contract.

Our duty is to connect you with the best fit home and home owner looking to sell that will fit your needs.  The example scenarios used were only to show what the structure of each means of ownership were and not an example of the terms of each.  Terms of each means of ownership will depend on what is negotiated between the buyer and the seller.  Our agents are here to mitigate the negotiations between both parties and it is up to the buyer and the seller to both mutually agree to terms on each individual basis.

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Primary Agent:                                                 Mike Diri

Associate Agency:              Community Choice Realty

Address:                                       53316 Van Dyke Ave 

Shelby Township, 48316

Phone Number:                                    (586) 303-5696

Email:                                 mikedirirealty@gmail.com