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Old 06-25-2013, 12:18 PM
 
1 posts, read 983 times
Reputation: 10

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So my fiancee and I want to build a house in Oakland County, preferably West Bloomfield/Bloomfield area (good schools and nice lakes).

While we have a lot saved ($200,000), we don't want to spend our down payment on land. We want to buy the land under a land contract so that we can buy now while the prices are low, and spend the majority of our savings as a down payment to the bank for a construction loan.

We could get a real estate loan for the land by itself or with the construction loan, but I'd rather not. We'd prefer to just use our loan on the house...the money spent having it built just how we want it.

Is it possible to get a good piece of property (say 1 acre around 150k or less) in that area with a land contract to pay it off in a couple of years? Will realtors even work with us if we want that, or will we get laughed at?

Thanks for any help.
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Old 06-26-2013, 01:06 PM
 
Location: FL
422 posts, read 973,500 times
Reputation: 242
Sure.
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Old 06-30-2013, 09:15 PM
 
7,671 posts, read 9,612,716 times
Reputation: 13972
It doesn't matter whether real estate agents would be willing to work with you on that--you need a willing landowner. It's possible, but your chances are probably rather slim. You'd be much better off looking for an existing home to buy--you're much more likely to find a deal if you go that route. In this market, buying land and then trying to build is much more difficult and usually much more expensive. Besides, there's not that much vacant land available in the West Bloomfield/Bloomfield area.
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