Banks ARE lending money, they are just a quite a bit pickier about the particulars: who, what, how much, where, when etc…
When I wrote this post about seller financing a few days ago, I really had no idea about how the floodgates would open. Frankly, there are very few land contract homes listed in the MLS in the Birmingham, Bloomfield, Beverly Hills, Royal Oak areas. Many sellers simply cannot afford to offer the option to buyers.
But those who can do it, might want to consider it. I put out an email blast for a prospective buyer and the calls started coming in from agents throughout Birmingham. Yes, they had a client who could offer seller financing.
If you are a seller, talk to your agent (and maybe your attorney) about the potential for offering seller financing. There are good buyers out there who have money to put down, good jobs and decent credit who, for whatever reason, will be able to get financing in a short time that they are not yet able to get today.
If you are a buyer, and you are looking for a home where the seller would consider seller financing, please drop me a line or give me a call 248.430.4450.
photo by Chotda
Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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Antoinette Regulus 12.17.09 at 4:51 pm
I’m looking for a home in rural Michigan, approximately $30,000, on a land contract. My credit isn’t the best, but I should qualify for a mortgage in another 4 years. I do have a decent down payment, and I’ve been making rental and car payments, on time, for the past 3 years.