Land Contract homes West Bloomfield Michigan
Let’s talk about selling land Contract homes in West Bloomfield. Some West Bloomfield home owners are exploring the possibility of selling their home on a land contract. With interest rates being so low some home sellers can make 5 – 8% on their home sale. Sometimes they can get more money for their West Bloomfield home because land contract buyers are willing to pay a little more for the home.
You have to remember land contract home buyers are buying land contract homes because they cannot get a mortgage. It may because they lost their home in foreclosure, they may have bad credit. Buying a West Bloomfield home on a land contract may be the only way these buyers can buy a home. They want a home any way they can get it. They are willing to pay a little more for your West Bloomfield home. They are willing to pay a little higher interest rate than normal.
So if you have your West Bloomfield home paid off selling your home via land contract can be a smart move. You can probably get a little higher than market price because there is no appraisal needed. Plus you can get a decent interest rate on the sales price. So what is the catch when selling your West Bloomfield home land contract? The downside is that the buyers may quit paying at some point in the future. You could end up getting the house back. It could come back in worst shape than it is now.
So there are the positives and negatives of selling your West Bloomfield Home Land contract. If you have more questions about selling your West Bloomfield home give me a call.
Home buying testimonial for Russ Ravary
Commerce Twp lakefront homes for sale
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