Land Contract Houses in Michigan
If you want to purchase or sell a real estate house then land contract houses in Michigan is the best option for you. Often states do not have constructive laws for land contract but Michigan has very favorable land contract laws, this is the main reason why so many important number of real estate transactions are done in this state through land contact.
Another name for land contract is "contract for deed" it is a contract between two parties namely the seller who is also the owner and the buyer. The price is bargained initially and then finalized.
Through land contracts the ownership of the property goes to the buyer, the seller passes his title to the buyer. The payments are done in installments not all at the same time.
Once all the payments have been made the seller also transfers all the legal papers regarding the propertys deed.
So, what are the benefits for land contracts?
Firstly and most importantly, the closing costs and other fees generally go low with land contracts. But at the same time the cost of mortgage loans is more because of the third party fees.
With land contracts in hands the sellers can move their property in the market and assist buyers by reducing their fees. It also attracts those buyers who are not yet qualified for a mortgage.
Those buyers who could not attain a mortgage form a traditional lender will have more time to enhance their credit so that they are considered for a longer period with low mortgage rates.
Many real estate investors also enjoy advantages from these land contracts. First, if you are an owner of a property you might be able to sell it off through land contracts.
Secondly, often sellers get in touch with sellers who are willing to work on conditions and sell through land contracts and also make them meet the buyers who wish to buy the property.
Therefore, if you are a Grand Rapid real estate agent or an owner of a land, you can sell your property via Michigan land contract. And if you are a buyer can purchase the property through Michigans land contract and also through Grand Rapid Land Contract. Grand Rapid Land Contracts are also agreements similar to other land for sale contracts. With this contract for land sale you pay smaller amounts of down payment and even deduct the taxes levied to you by federal Govt.
The major benefit of contract for land is that it ends from 36 to 60 months by this time a bank usually puts you on a feasible 15 yr mortgage as you have good credit history.For details visit:http://www.grandrapidsrealestatesearch.com/links/land_contract_properties.html
if you are a Grand Rapid real estate agent or an owner of a land, you can sell your property via Michigan land contract. The major benefit of contract for land is that it ends from 36 to 60 months by this time a bank usually puts you on a feasible 15 yr mortgage as you have good credit history.