Brilliant Points On Dealing With Land Contract Sharks
June 29, 2010
It’s a sad fact of human nature, but wherever people face major problems the unscrupulous are not far away. It seems that if there is a quick buck to be made, some people are ready to jump in and feed off raw human emotions as they know that decisions can sometimes be made hastily when someone is under a lot of pressure. You don’t have to look far when it comes to the housing market to find these sharks, most especially in this day and age. People all over the country are dreaming about buying a home with poor credit and worrying about their particular situation and the last thing that they need is these unscrupulous people willing to ramp up their expectations unrealistically, by telling them that it can be done in a variety of questionable ways.
Michigan is infested with land contract sharks and I am particularly unhappy to see this develop. Land contracts by themselves are a very realistic way for first time home buyers with bad credit to reach out for their starter home and when they are treated realistically and carefully, they are fully recognized by all the relevant authorities in the state of Michigan. Many thousands of people have correctly entered into such contracts, have achieved that enviable feeling of independence by living in the home they want to, and have used these contracts to help them start rebuilding their credit.
Very often, external circumstances beyond a person’s control can lead to the destruction of previously good credit. Over the last few years, significant challenges have faced those individuals looking at buying a house with poor credit and land contract sharks have taken up position in Detroit and surrounding areas to do their worst, and I hate them!
The typical land contract sharks will tell you that they’re offering you a home at great value with little or no money down and with very low monthly payments, but sometimes the poor buyers will find that when they move in, they are effectively only renting and may not be able to do anything to the home, to make alterations as they would like. The small print often contains hazardous restrictions, for example, not allowing you to complete a contract ahead of time and move on to find better percentage terms, should you wish. These hazards are just a couple of the major issues faced when interacting with the land contract sharks.
Always remember, ask all the pertinent questions up front and double check the small print to make sure that nothing is inserted without your knowledge. You should always use the services of a land contract expert to establish an agreement that will truly benefit you. This should be a win-win situation between the buyer and seller to make this alternative truly great. Conventional lending has many restrictions and associated drawbacks and this is compounded by the fact that the lender may not be motivated sufficiently, anyway. In the case of land contracts, all parties are motivated in the beginning, but just remember to avoid land contract sharks that will surely be swimming nearby, as they certainly don’t have your best interests at heart!
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