[mostie]

I don't see what the difference would be in a rent to own, or a land contract if the buyer ends up refinancing-other than the balloon pmt (Danger! Danger, Will Robinson!) LOL

[caspper69]

Originally Posted by mostie

I don't see what the difference would be in a rent to own, or a land contract if the buyer ends up refinancing-other than the balloon pmt (Danger! Danger, Will Robinson!) LOL

There isn't.

Land contracts are a "carve out" in the law for rent to own scenarios. There are a ton of administrative rules and laws in place that protect both land contract vendors and vendees.

People who do "rent to own" are unscrupulous, and they want to avoid LC law. Anybody offering rent to own is a scammer, or is just ignorant of the law. If it's an equitable mortgage, no matter what the contract says, it would fall under LC law.

MI has no such "rent to own" statutes.

[jackmichigan]

I'm sure that not everyone who offers a rent-to-own contract is a scammer, but whether you can find someone to offer either rent-to-own or a Land Contract--it all depends on the terms of the contract.

I have entered into several Land Contracts--both as a Buyer and as a Seller--and the terms of each were very different. Not all Land Contracts require a balloon payments, either. As they say: everything is negotiable. You just need to find someone who is willing to negotiate such a deal. Good luck at that.

[mmwoods7]

Originally Posted by wcs40110

Craigslist really seems to be the only place I've found them. Once in a while realtors are helpful. There's one in Jackson who specializes, but I can't think of the name right now.
Be very careful with a land contract. I have friends who were buying one, which went into foreclosure (people they were making payments to were no making them to the bank) and they ended up out a LOT of money. When asked what the recourse was they said none, as a land contract on a home with a mortgage is generally null in void.
ONE more helpful link, I actually bought a (large) lot of land through this company roselandco.com
It's a division of first national bank. Hope that hel.ps.

Hello, I know you have put this post of some years ago, but I would like to know do you still have your lot through Roselandco. I am interested in buying land from them in Michigan but I do not want monthly high notes. How was the process when purchasing your lot through Roselandco?