Posted by Blane (MI) on October 04, 2003 at 12:00:49:
Tim,
If you’re considering selling on terms, I’d be interested in knowing more about the properties. Are they in Warren, south Warren, or elsewhere? I live downriver. Thanks.
Blane
Posted by Blane (MI) on October 04, 2003 at 12:00:49:
Tim,
If you’re considering selling on terms, I’d be interested in knowing more about the properties. Are they in Warren, south Warren, or elsewhere? I live downriver. Thanks.
Blane
Land Contract’s Michigan - Posted by tim
Posted by tim on October 03, 2003 at 18:09:47:
Hi.
In Michigan, I’m considering looking into selling homes I own on Land Contracts. Anyone out there aware if you have to foreclose or can you evict a buyer who defaults on payments in Michigan.
Also, any course recommendations would be appreciated. Leaning towards Bronchick’s “Alternative Financing.” Thx in advance.
tim
Re: Land Contract’s Michigan - Posted by Tom (MI)
Posted by Tom (MI) on October 05, 2003 at 12:57:02:
Blane is correct. Foreclosure would be a long time but Forfeiture is faster. More like 30 to 60 days, kind of like an eviction. I purchased a course geared towards lawyers about foreclosures and Forfeitures. It also helps to have a sister who is a lawyer that practices real estate. I would definately talk with a attorney and cpa before you start selling on Land Contract.
Tom
Re: Land Contract’s Michigan - Posted by DG real estate mentoring
Posted by DG real estate mentoring on October 03, 2003 at 21:22:19:
If you sold via land contract, thats considered a regular sale in which buyer has equitable interest.
In that case, you`ll need to foreclose in case of default.
DG real estate mentoring.
Re: Land Contract’s Michigan - Posted by Blane (MI)
Posted by Blane (MI) on October 03, 2003 at 18:58:58:
Tim,
There are land contract forfeitures, and land contract foreclosures in Michigan. Not too up on the differences, but you definitely cannot evict a buyer as if they are a tenant and you are a landlord if you have a land contract. Hope this helps a little.
Where are your homes at?
Blane
Re: Land Contract’s Michigan - Posted by Tom (MI)
Posted by Tom (MI) on October 05, 2003 at 12:58:34:
You can go through a land contract Forfeiture instead of a foreclosure. It will be more like an eviction. You still can foreclose but that would takes anywhere from 6 to 12 months unless it is abandoned.
Tom
Re: Land Contract’s Michigan - Posted by tim
Posted by tim on October 04, 2003 at 11:07:26:
Homes are in Macomb County - SE MI. thx very much for the feedback, appreciate it.
tim