Re: WHEN Buying with a Land Contract? - Posted by Stacy (AZ)
Posted by Stacy (AZ) on March 21, 2000 at 18:48:02:
You stated that you’d rather buy on contract then sell on contract. Maybe your state’s laws are different, but in many states it’s easier to get back a house you’ve sold on contract than if you had sold using a deed of trust or mortgage. In AZ for example, it can take as little as 30 days to foreclose on a land contract. This being the case, I think selling on contract has advantages over the other methods in some states.
For the same reasons, I’d rather not buy on a land contract. Also, being the buyer, there’s the question of title and not owning the deed. If the seller decides not to allow the deed to transfer when the contract is fulfilled by the buyer, or the seller dies or disappears, there could be problems for the buyer beyond a deed of trust or mortgage.
Just my take-