Brilliant Pointers On Dealing With Land Contract Sharks
Wednesday, September 1st, 2010
It’s a poor reflection on human nature, but isn’t it always the case that whenever people are facing hard times, unscrupulous elements seem to flock? It seems that if there is a quick buck to be made, some people are ready to jump in and feed off raw human emotions as they know that decisions can sometimes be made hastily when someone is under a lot of pressure. This can certainly be true in the housing market and most especially these days. For hundreds of thousands of people around the country, buying a home with poor credit seems like an unattainable dream, yet there are many unscrupulous individuals out there willing to tell you that it can be done, sometimes with unrealistic expectations.
I particularly hate land contract sharks, and they seem to proliferate in Michigan. Land contracts by themselves are a very realistic way for first time home buyers with bad credit to reach out for their starter home and when they are treated realistically and carefully, they are fully recognized by all the relevant authorities in the state of Michigan. You only have to look for proof to the many thousands of people who commissioned such contracts, are currently living in the home of their dreams and have achieved this position of independence by using land contracts correctly, while rebuilding a credit position.
Very often, external circumstances beyond a person’s control can lead to the destruction of previously good credit. Unfortunately, buying a house with poor credit has been one of the greatest challenges of the past couple of years and it seems that land contract sharks have migrated to Detroit and surrounding areas in force – I hate them!
The typical land contract sharks will tell you that they’re offering you a home at great value with little or no money down and with very low monthly payments, but sometimes the poor buyers will find that when they move in, they are effectively only renting and may not be able to do anything to the home, to make alterations as they would like. The small print often contains hazardous restrictions, for example, not allowing you to complete a contract ahead of time and move on to find better percentage terms, should you wish. These hazards are just a couple of the major issues faced when interacting with the land contract sharks.
It’s important to remember that meaningful questions must be asked up front and the small print must be referred to at all times, so that no unfair terminology is injected without your knowledge. You should always use the services of a land contract expert to establish an agreement that will truly benefit you. This should be a win-win situation between the buyer and seller to make this alternative truly great. There are so many restrictions associated with conventional lending and the lender itself may not be sufficiently motivated. In the case of land contracts, all parties are motivated in the beginning, but just remember to avoid land contract sharks that will surely be swimming nearby, as they certainly don’t have your best interests at heart!