Can I get MLS info...... - Posted by Richard H. (MI)

Posted by Donna Bradley on December 21, 1999 at 11:22:04:

Does anybody have any idea where I can get a sample of a “land contract” agreement?
Thank you.

Can I get MLS info… - Posted by Richard H. (MI)

Posted by Richard H. (MI) on August 07, 1999 at 10:46:23:

I was wondereing if there is a way to get MLS info without dealing with a funny acting realtor. It seems to me that my realtor is not finding me the properties I think I need to be looking at. It also seems that when I suggest a price she cut it down by saying, oh that’s what they bought it for so they won’t take less than that etc. I think she is trying to have me pay to much. EX. a vacant house owned by a broker, needs about 3500 in repairs for 26,900. She said I should by on a land contract for 25,000 with 2500 dn at 9.75% interest for 3yrs. I was thinking a lot less than that. According to recent Comps houses are going for 34,900. Any suggestions would be greatly helpful.
thanks
Richard H. (MI)

Basic Land Contract info… - Posted by Bill C. (CA)

Posted by Bill C. (CA) on August 07, 1999 at 19:01:41:

As many of us know, Realtors can be difficlut to work with when you are trying to be creative. I suggest you ask other investors in your area whom they might recommend. As Darin pointed out, find one that will let you either look at the “Book” or let you browse the computer. There are good Realtors out there sympathetic to what we are trying to accomplish. Keep looking but keep in mind how Realors make money. Commissions on the SALE price of the property.

Now, the Land Contract question. I have owned property on Land Contacts in the past. The “deal” doesn’t sound to bad if this is one of your first deals but for a seasoned investor, one might offer less money, less down payment and/or a lower interest rate and a longer term. Maybe all of the above.

A few basic things on Land Contracts:

Since the house is vacant needing repairs,

  1. Research the property by doing a quick title search yourself and verify there are no delinquent taxes on the property. This can be done at the county tax assessors office and the recorders office. This will help determine if the property is mortgaged to the hilt and if the owner is late on their taxes.

  2. Ask the owner for information on the mortgage if there is any on the property. If you do purchase the property, you may even consider sending the mortgage holder their portion of the monthly payment and the rest to the owner. You want to make sure you protect your interst in the property.

  3. When considering Land Contracts always try to get the longest term you can possbly get the seller to agree to. Real estate has its ups and downs. You want to have a minimum of 7 to 10 years before the ballon payment. The longer the better.

Typically, the first investment property an individual gets close to closing can begin to cloud their mind with excitement. Keep your head, double check your numbers, and make sure your set your “walk away” limit before you get too serious during the negotiations. I and my friends have all fallen into that trap. “I want a no down payment property so bad I’ll do anything, pay anything, what ever. to get my first deal.”

Good Luck and let me know how you did!

Bill
The Cahoon Group

P.S. Thanks for all the information from the “regulars”. You know who you are. You guys a are great!!

Re: Can I get MLS info… - Posted by Darin

Posted by Darin on August 07, 1999 at 14:17:10:

Start asking friends and family if they have a friend realtor that will let you behind the key board or run searches for you.

Re: Basic Land Contract info… - Posted by Mark R. Jones

Posted by Mark R. Jones on February 03, 2000 at 22:43:42:

hey, I have a small 3 bdrm house in a suburb of buffalo, ny. My wife & I are in closing on our next house. I’d love to rent or lease our 3 bdrm with the option to buy. is this a “land contract”? I need to know more… can ya help?
thanks in advance, Mark

Re: Basic Land Contract info… - Posted by Mark R. Jones

Posted by Mark R. Jones on February 03, 2000 at 22:43:14:

hey, I have a small 3 bdrm house in a suburb of buffalo, ny. My wife & I are in closing on our next house. I’d love to rent or lease our 3 bdrm with the option to buy. is this a “land contract”? I need to know more… can ya help?
thanks in advance, Mark