Opportunity To Start Owning
Michigan Land Contract Exclusive
3 Bedroom 2 Bath brick ranch home in Royal Oak. Hardwood floors, granite counter tops, finished basement.
Address: 3512 W Webster Rd., Royal Oak MI 48073 behind Corewell (Beaumount) Hospital
Price: $349,000
50-75k down payment with 7.5-9.5% interest 10 year balloon. payments for w/o property taxes or insurance $1800-2200
3336 PARKER Drive, Royal Oak MI 48073 Sold for $389,000 also 3 bed 2 bath Bungalow on 9/16/24 same size
Land Contracts are seller financed properties in which you own the property and are paying the monthly payments to the seller until the balance is paid off. The land contract will allow you to own your home while your repair your credit to refinance at a lower interest rate if a balloon payment is required.
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What is needed for a land contract is around 10-30% down towards the house and a monthly payment that will allow you to pay off the house or a balloon structure that will allow you to refinance through more conventional mean and ideally at a lower interest rate.
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Example of Balloon Structure:
Property $100,000
Down Payment $20,000
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Balance $80,000
Interest rate 8%
Payments (w/o tax & Ins.) $765
Period (15 yr schedule) 2 years
Refinance Amount $74,000
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In some cases the seller of the house is willing to land contract the property until it is fully paid off and this tends to be the most common form of land contract structures. Land Contracts though are on a case by case basis and depend on the seller and buyer agreeing to terms. For more information and to see what is available on the market feel free to contact us.
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Phone Number is best way of contact so we can build a 1on1 relationship and help us understand what your property needs are and what land contract best suits you.
Land Contracts
