Seeing a Realtor Monday re: Land Contracts

[Tom_Mi]

Well I haven't found a plan to get out from under my house (without renting 4yrs), so I have a new plan.

First, the particulars: Our house (included in Bankruptcy) is 85k upside down, and here in Michigan it'll probably be 20 years before I get that back.
-Can't stay, unless I want to rent 3 years (foreclosure).
-Leaving now means renting 4years, waiting for the bank to complete the foreclosure.

So, my new plan...find a land contract and bolt now. Since my BK7 was due to rentals that drove me under...very little consumer debt... I think a LC might be palatable to a landowner who gets to know me.

Monday we meet with a realtor whose known me for years. This may sound silly, but I've drafted a nice color brochure of my family for him to hand any candidates he knows.

I'll let you all know how it turns out.

People with IIB homes need an exit option other than 3-4 years renting in the hood.

[justbroke]

Sounds like an interesting option. However, land contracts can be tricky. Make sure your Realtor protects your interests. I wouldn't sign one unless a lawyer took a look at the contract. Also, make sure that it gets recorded.

[Tom_Mi]

Just an update (as promised).

The meeting went well, and the Realtor is actively seeking properties we might like that are either:
* Listed with Land Contract as an option
* Not avail for Land Contract, but about to *expire*, and the disappointed sellers might now be willing to talk LC.

Since most listings around here expire unsold, this gives him a great excuse to sit down with those owners that own their homes outright and talk about seller financing.

He also liked the brochure I made - showing my family, my angelic kids, and my builder's credentials. He'll show that to his clients to demonstrate we're good people.

I'll add more to this thread if a candidate property is found, and a deal looks imminent.