alternative financing...land contract

What is the name of your state? New York

After a recent divorce, I was becoming discouraged with my chances of being able to purchase a home. When a friend of a friend was transferred out of state and put in the position of having to sell their home, we began to talk of how we might find a solution for both of us. First they suggested holding a mortgage for me, but they still owe on their mortage. We then spoke of a land contract, neither party knowing much about the specifics of how they work. Lease to own may have to be an option, as well. They do not want to be long distance landlords, and I would like to put down roots in a new home...we both want the same thing, to transfer ownership of the home. We also both want this transaction to be secure and in the best interest of all......yet are not sure of which direction to take. What are the pros and cons for both the seller and the buyer in a land contract? In a lease to own? Are there any other viable options?

[HomeGuru]

[quote]Originally posted by Mazry
[b]What is the name of your state? New York

After a recent divorce, I was becoming discouraged with my chances of being able to purchase a home. When a friend of a friend was transferred out of state and put in the position of having to sell their home, we began to talk of how we might find a solution for both of us. First they suggested holding a mortgage for me, but they still owe on their mortage. We then spoke of a land contract, neither party knowing much about the specifics of how they work. Lease to own may have to be an option, as well. They do not want to be long distance landlords, and I would like to put down roots in a new home...we both want the same thing, to transfer ownership of the home. We also both want this transaction to be secure and in the best interest of all......yet are not sure of which direction to take. What are the pros and cons for both the seller and the buyer in a land contract? In a lease to own? Are there any other viable options?

**A: your questions are overly broad. Use the search link on this website with those search words.