Walled Lake real estate – Walled Lake land contract homes

So you have blemished credit and want a home.  Maybe you lost your home in foreclosure in the last couple of years.  But you want to buy a home now while Walled Lake home prices are down.  Now here is what I think of buying a land contract home anywhere in Oakland County or in metro Detroit.

When a seller is listing their Walled Lake home and is willing to do a land contract, many times the seller wants more money than market price.  The seller usually wants 5 – 7% interest too.  WHY so much you ask?  The seller knows you have bad credit.  They know you can’t get a mortgage.  So they are going to take as much as they can.

Because you have bad credit the seller is going to charge you more than market rate.  So in my opinion buying a Walled Lake land contract home is not the smartest thing to do.  You most likely are going to pay too much for the house and pay too much in interest.

So the question would be….Will you be gaining anything by overpaying on a Walled Lake house now or would it be smarter to wait until you can qualify for a bank loan.  Honestly I don’t know which way you would be further ahead because I do not know how much home prices will go up in the next few years.

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