Posted by Jamie on June 22, 2000 at 21:00:08:
Hi Mark,
I just purchased the Land Contract course from Nick. You can contact Nick at (513) 232-7720.
Good Luck.
Nick Modarelli - Posted by Mark
Posted by Mark on June 22, 2000 at 24:10:51:
Does anyone know how to get course material from Nick Modarelli.He has written a course on R.E. inv.with Land Contracts.He is in Ohio. Thanks!
Re: Nick Modarelli - Posted by Jim
Posted by Jim on June 23, 2000 at 12:51:15:
Land Contract are a VERY simple aspect. Commonly called an “Agreement for Deed” or “Land Installment Contract”. Mainly, It’s just a form of an agreement that states buyer will pay so much down and so much a month for so many years and/or refinance at a given time or prior to that time and then (and only then) the seller delivers clear title to the buyer. Of course, there are provisions and clauses to cover sellers and buyers assets and rights.
Think of it as a purchase and sale agreement, mortgage and lay-away program rolled up in to one agreement. The buyer gets the right to control (live on, rent out or whatever) the property providing they (buyer) follows the guidelines set forth in the agreement. Until the buyer fulfills the agreement or refinances (to pay off seller) at which time the seller give up the title. There are many up sides to buying and selling with a Land Contract.
Upsides: Seller has security of holding title till the buyer performs. Title HASN’T transfered so “Due on Sale” claus in origanal note(s) “can’t” be called due. Buyer does not have to go qualify at a bank to buy the house (unless a balloon paymnet is installed). Title hasn’t transfered so clouds that would attach to buyer will not attach to the property (title not in buyer’s name). Eviction of buyer for non-performance is much easier then foreclosure process (each state is different - check your state’s proceedures). Buyer can not draw on eqity accumulated, because they can’t get second mortgage on a house they don’t own. There is much more, but I’m tired and can remember right off…
I use Land Contract to buy and sell (especially sell) all the time and would be willing to help you and answer any questions.