land contract questions

[lindsaylou]

What is the name of your state? Michigan
Hello, my fiance and I are currently renting the 1st floor of a 2 family duplex and our landlord has just offered to sell us the house on a land contract. I am a previous homeowner, but know nothing about land contracts. My situation is that my fiance and i both have very bad credit and only plan on actually living in the home and in the area for about 5 years. my questions are as follows:
1. Am i able to sell the home before the land contract is up? If so, any profit made on the deal will go to me, or will it go to the current owner(landlord)?
2. being that we only plan on living in the area for a short while, is this even a good option? If not, do you know of any other options for my situation.

I thank anyone who can be of help, as this transaction needs to happen within months. Have agreat day!

 

[seniorjudge]

Q: Am i able to sell the home before the land contract is up?
A: You will be able to sell IF your contract allows it.

Q: If so, any profit made on the deal will go to me, or will it go to the current owner(landlord)?
A: The owner, of course, will have to be paid off what is owed; anything leftover is yours.

Q: being that we only plan on living in the area for a short while, is this even a good option?
A: You always take a chance, but you hope that the value of this real estate will go up in value before you sell it.

This is NOT a DIY deal; y'all get a good real estate attorney to represent you and make sure all contingencies (e.g., death, divorce, change of mind, disability, etc.) are covered.

 

[HomeGuru]

What is the name of your state? Michigan
Hello, my fiance and I are currently renting the 1st floor of a 2 family duplex and our landlord has just offered to sell us the house on a land contract. I am a previous homeowner, but know nothing about land contracts. My situation is that my fiance and i both have very bad credit and only plan on actually living in the home and in the area for about 5 years. my questions are as follows:
1. Am i able to sell the home before the land contract is up? If so, any profit made on the deal will go to me, or will it go to the current owner(landlord)?
2. being that we only plan on living in the area for a short while, is this even a good option? If not, do you know of any other options for my situation.

I thank anyone who can be of help, as this transaction needs to happen within months. Have agreat day!

**A: hold on a second, unless the duplex unit is on a CPR, how is he going to sell one floor of a duplex property? The duplex is most likely under legal one tax key and considered a single property. If there is an underlying mortgage, the mortagge covers the entire property and not only one duplex unit.

 

[HomeGuru]

Q: Am i able to sell the home before the land contract is up?
A: You will be able to sell IF your contract allows it.

Q: If so, any profit made on the deal will go to me, or will it go to the current owner(landlord)?
A: The owner, of course, will have to be paid off what is owed; anything leftover is yours.

Q: being that we only plan on living in the area for a short while, is this even a good option?
A: You always take a chance, but you hope that the value of this real estate will go up in value before you sell it.

This is NOT a DIY deal; y'all get a good real estate attorney to represent you and make sure all contingencies (e.g., death, divorce, change of mind, disability, etc.) are covered.

**A: got CPR? Got underlying mortgage?