U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Michigan
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 01-21-2009, 11:40 AM
 
Location: Racine, WI
94 posts, read 107,851 times
Reputation: 118

Advertisements

How are land contracts resolved? My fiance has been paying on a a house under a land contract for over 10 years. The owners discussed wanting him to get a mortgage for a while. Now we are looking at houses together. I know this is up to the contract holder, but what are the options for ending the contract? Can they just buy him out, and if so, who decides the price?
Thanks!
Reply With Quote Quick reply to this message

 
Old 01-21-2009, 12:12 PM
 
Location: State of Superior
8,020 posts, read 8,367,657 times
Reputation: 2235
Quote:
Originally Posted by hhwtm View Post
How are land contracts resolved? My fiance has been paying on a a house under a land contract for over 10 years. The owners discussed wanting him to get a mortgage for a while. Now we are looking at houses together. I know this is up to the contract holder, but what are the options for ending the contract? Can they just buy him out, and if so, who decides the price?
Thanks!
Under a legal land contract , it is filed with the County , there should be an obtainable copy. All payments you make on the contract go to reducing the debt , the total purchase ( intended ) value , of the contract.
Until you pay off the contract in full , you have no value , as , the obligation has not been met. This is standard values, promises , read what you signed for continuities. Most contracts have a date when the property is to be paid in full . usually , any changes , modifications , or improvements must be disclosed and approved by the owner of the property.
A land contract is an intent to pay , not a mortgage , or a loan.
Reply With Quote Quick reply to this message
 
Old 01-21-2009, 12:43 PM
Status: "NO MORE TURNING AWAY" (set 18 days ago)
 
Location: Heart of TEA country--Livingston County, MI
7,698 posts, read 10,494,822 times
Reputation: 5307
also IF the property is SELLABLE and you can find a BUYER your fiance`can sell the property and pay the remaining balance on the land contract..
Reply With Quote Quick reply to this message
 
Old 01-21-2009, 02:56 PM
 
Location: State of Superior
8,020 posts, read 8,367,657 times
Reputation: 2235
Quote:
Originally Posted by zthatzmanz28 View Post
also IF the property is SELLABLE and you can find a BUYER your fiance`can sell the property and pay the remaining balance on the land contract..
No , that is illegal. You can not sell someone else's property. I know of several people that are serving time right now , for doing that.
Reply With Quote Quick reply to this message
 
Old 01-21-2009, 08:07 PM
 
Location: At the end of the road, where the trail begins.
760 posts, read 1,512,485 times
Reputation: 321
Quote:
Originally Posted by darstar View Post
No , that is illegal. You can not sell someone else's property. I know of several people that are serving time right now , for doing that.
Double closing. The home owner, the person paying the land contract, and the new buyer all meet at the title office for the closing. That's how we bought our first house.

Altho in all honesty, guess I never asked if it was legal. Had no reason to.
Reply With Quote Quick reply to this message
 
Old 01-21-2009, 08:33 PM
 
Location: State of Superior
8,020 posts, read 8,367,657 times
Reputation: 2235
Quote:
Originally Posted by jeeg View Post
Double closing. The home owner, the person paying the land contract, and the new buyer all meet at the title office for the closing. That's how we bought our first house.

Altho in all honesty, guess I never asked if it was legal. Had no reason to.
Anything is legal if all parties are working together. After all , a land contract , is just that , a contract, meant to be broken , modified , or closed upon.( fulfilled )

The problem comes in when all parties are not involved in the restructure , or , a possible sale of the property. The owner of the property , has all the cards here , unless , the person on the contract pays off the land contract , and takes title to the property, he can then sell to whom he wants, as he becomes the owner. Something of value can not be sold or otherwise promised , unless you are the owner , or agent thereof. Those who go to jail , commit out right fraud , collect the money , but , can't deliver the product or property because they don't own it. Most times , they intend to own it , but can't make it happen ever , or in a timely manner . . Thats the illegal part. Sometimes the scam goes undetected for years , if they are lucky , and , convince the owner of the property to sell it to them before the"sale" .
Sometimes not. Its sort of like you selling your neighbor's car with out them knowing about it. This has been done a lot , especially with expensive collector cars. I have even seen ads for cars that the owner did not advertise......... I know this is way more than the OP intended here , but , I just wanted to make a point.
Reply With Quote Quick reply to this message
 
Old 01-21-2009, 09:08 PM
Status: "NO MORE TURNING AWAY" (set 18 days ago)
 
Location: Heart of TEA country--Livingston County, MI
7,698 posts, read 10,494,822 times
Reputation: 5307
as a one time real estate agent, I listed a land contact for the purchaser, with my manager's approval and sold the property.

The purchaser merely had to pay off the land contact which cleared the title, and it was conveyed to the new purchaser. This was in 2004 so may be laws have changed.

Then the only right the contract holder had was payment towards the contract..

Maybe some land contracts are written differently and forbid the selling??

My deal was done through a major real estate firm in SE Michigan.

Just relaying what I know worked for me..

Not intending to encourage anyone to break any new or current laws..
Reply With Quote Quick reply to this message
 
Old 01-22-2009, 07:34 AM
 
12 posts, read 39,235 times
Reputation: 16
Default Land Contract

Quote:
Originally Posted by zthatzmanz28 View Post
also IF the property is SELLABLE and you can find a BUYER your fiance`can sell the property and pay the remaining balance on the land contract..

My brother is going through a legal battle with his ex. She wants to take his home that he's paying for with a legal land contract. However, the person who owns the home (the land contract holder) makes the decision of whether or not to sell the home to the new buyer.

So as long as the person he has the land contract with does not agree to sell to the other person, he does not have to worry about the home being pulled out from under him.
Reply With Quote Quick reply to this message
 
Old 01-22-2009, 09:09 AM
 
Location: State of Superior
8,020 posts, read 8,367,657 times
Reputation: 2235
Quote:
Originally Posted by JeepMom View Post
My brother is going through a legal battle with his ex. She wants to take his home that he's paying for with a legal land contract. However, the person who owns the home (the land contract holder) makes the decision of whether or not to sell the home to the new buyer.

So as long as the person he has the land contract with does not agree to sell to the other person, he does not have to worry about the home being pulled out from under him.
This story is a good example of the fact , that you own nothing with a land contract , until , its paid off. Quite different than a mortgage.
Reply With Quote Quick reply to this message
 
Old 01-15-2010, 09:02 AM
 
1 posts, read 14,054 times
Reputation: 12
I just went through a divorce and I regained control of the house. It was originally on a land contract from my in-laws then converted to a mortgage, they lent the equity in the house to us and listed in the land contract. I have to refinace the house. here is the problem. The land contract is acting as a 2nd loan on the house so I cannot refinace due to the market. My in-laws agreed to a lesser amount that would work. How to do I go about amending the land contract or satisfying the lender to make this happen?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Michigan

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top