Land Contract's Michigan - Posted by tim

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.
www.classifiedclub.com/mall2/dgrealestatementoring.html

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