For Sale or Lease (Land Contract)3 Be...

For Sale or Lease (Land Contract)3 Bed 2 Bath Sublimity Home

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South Laurel

Dyer, TN

#1 Aug 26, 2010
FOR Sale or LEASE: 3 Bed 2 Bath Sublimity Home

For Sale by owner asking $149,000
Possible Land Contract with 10% down.

1750 Square Feet, 3 Bedrooms, 2 Bathrooms, Large Great Room, Kitchen, Dining Room, 2 Car Garage, Fenced in backyard, minutes from South Laurel High and Sublimity Elementary.

Please email for more information
Contact info available http://www.olaclassifieds.com/200940 under real estate
McKeehan

London, KY

#2 Aug 26, 2010
DO NOT buy a house or anything on a land contract. BAD BAD idea.
South Laurel

Dyer, TN

#3 Aug 27, 2010
We would obviously prefer to sell it outright.
lol

Fulton, KY

#4 Aug 28, 2010
South Laurel wrote:
FOR Sale or LEASE: 3 Bed 2 Bath Sublimity Home
For Sale by owner asking $149,000
Possible Land Contract with 10% down.
1750 Square Feet, 3 Bedrooms, 2 Bathrooms, Large Great Room, Kitchen, Dining Room, 2 Car Garage, Fenced in backyard, minutes from South Laurel High and Sublimity Elementary.
Please email for more information
Contact info available http://www.olaclassifieds.com/200940 under real estate
would you do $550.0 a month with 10% down... have excellent credit and landlord references.
South Laurel

Dyer, TN

#5 Aug 28, 2010
Might be able to work with you, please contact me through the online form here.

http://www.olaclassifieds.com/200940

FOR LEASE: 3 Bed 2 Bath Sublimity Home
McKeehan

London, KY

#7 Aug 28, 2010
lol wrote:
<quoted text>
would you do $550.0 a month with 10% down... have excellent credit and landlord references.
Go to the bank and borrow the money. Do not ever buy anything on a land contract. It's a bad situation you or the owner doesn't want to get into. Don't do it. If you have good credit, go get a loan. Land contracts are very dangerous.
lol

Fulton, KY

#8 Aug 28, 2010
McKeehan wrote:
<quoted text>Go to the bank and borrow the money. Do not ever buy anything on a land contract. It's a bad situation you or the owner doesn't want to get into. Don't do it. If you have good credit, go get a loan. Land contracts are very dangerous.
explain how it can be bad? If we get a lawyer to draw up the terms of a contrct.. explain ok. I have 750 or better credit score and looked at a house online with 20% down and the house was 80+ thousand and with finance the final payoff was 130,000.. thats totally stupid in my opinion.

Since: Mar 09

East Bernstadt, KY

#9 Aug 28, 2010
Google "dangers of land contract."

Does the property currently have a mortgage? What if the owner doesn't make his payment and the bank forecloses? Will the bank know he is selling to you? Can you rent it to someone else? What if the renter gets fined for trash on the property? Will you be responsible if he leaves? What about the owner if you do not pay? What if you don't pay the taxes or don't carry insurance and the place burns down. What if someone is hurt on th property? Will they sue you and the owner? What if one party dies?

Both sides need to research this and you MUST see an attorney!!!
McKeehan

London, KY

#10 Aug 28, 2010
lol wrote:
<quoted text>
explain how it can be bad? If we get a lawyer to draw up the terms of a contrct.. explain ok. I have 750 or better credit score and looked at a house online with 20% down and the house was 80+ thousand and with finance the final payoff was 130,000.. thats totally stupid in my opinion.
I thought you would never ask. Let us take a for instance case.
Let's say you buy a house off of me for $75000.00. You agree to pay $500.00 a month. When the contract is satisfied and the amount is paid in full you get a deed. We go through all of the arraignments and have the papers drawn up and you move in.
You pay on this place for 5 years or so. I'm happy because you have made ever payment. You are happy because you think you are buying a house. You still don't have a deed for the place, just a contract saying you will get the deed at the end of the payments.
Then one night I decide to have a drink too many at one of the local watering holes. I get into the car drive off and run over a family. By no fault of your own you just lost your place and all of the money you paid in on it ($30000.00+) because it wasn't really your place. The deed is still in my name. I'm going to jail and I'm going to be sued for everything I've got. This includes "your home".
Another scenario would be that I was an elderly gentleman and I had to be placed into a nursing home. I don't have any end of life insurance to cover my last days in the nursing home. The nursing home now owns your home.
Next scenario, I own a small business and have been running it for years. I'm running it as a sole proprietor. In other words I never set up a structure for the business such as an LLC or Inc. to seperate my business affairs from my personal properties. I worked on an old ladiy's car, something that I did causes the car to lose control and the lady is dead. Her kids, grandkids and children that haven't even been born yet are suing me into the poor house. One of the just married grandkids will soon be moving into your house.
Another case, the couple you are buying from decide after 35 years of marriage that they can no longer stand one another. You should be getting the drift by now. The whole jist of this is, you don't have a deed, you have a promise. And a promise that the courts have broken time and time again.
If you borrow from a bank you eliminate banks. Banks don't drink, work on cars, get married or end up in nursing homes.
I hate banks, don't even like cashing checks at one, but I will never do something as risky as a land contract.
I hope this helps I wasn't be a smart ass when I first posted that, I just didn't have time to type out the explaination.
McKeehan

London, KY

#11 Aug 28, 2010
Country Bumpkin2 wrote:
Google "dangers of land contract."
Does the property currently have a mortgage? What if the owner doesn't make his payment and the bank forecloses? Will the bank know he is selling to you? Can you rent it to someone else? What if the renter gets fined for trash on the property? Will you be responsible if he leaves? What about the owner if you do not pay? What if you don't pay the taxes or don't carry insurance and the place burns down. What if someone is hurt on th property? Will they sue you and the owner? What if one party dies?
Both sides need to research this and you MUST see an attorney!!!
I think I might have talked them out of it.
South Laurel

Dyer, TN

#12 Aug 30, 2010
We we are eliminating the two biggest risks for our buyer.

First the contract will be filed at the courthouse, so there is a record that the house is being sold to them.

Second our buyer will be making the payment directly to the bank, not to us.

Mckeehan, you seem to be forgetting one thing, not everyone in this economy can go to the bank and get a loan. Unless you have great credit and 20% down you can forget about dealing with a bank at this point.

This is the reason we are offering a land contract.
With 10% down and a year of payments, the buyer should be able to go to the bank and get financed easily with no money down.

You raise valid concerns, however if done properly there is little to no risk to either party.
McKeehan

London, KY

#13 Aug 30, 2010
South Laurel wrote:
We we are eliminating the two biggest risks for our buyer.
First the contract will be filed at the courthouse, so there is a record that the house is being sold to them.
Second our buyer will be making the payment directly to the bank, not to us.
Mckeehan, you seem to be forgetting one thing, not everyone in this economy can go to the bank and get a loan. Unless you have great credit and 20% down you can forget about dealing with a bank at this point.
This is the reason we are offering a land contract.
With 10% down and a year of payments, the buyer should be able to go to the bank and get financed easily with no money down.
You raise valid concerns, however if done properly there is little to no risk to either party.
If the land will not stand good for the loan, it's not worth the asking price. If the buyer cannot get a bank loan or save up a down payment do you reaaly won't to waste the time and money dealing with them.

Having it drawn up at the courthouse will not eliminate the problems with a land contract. A thousand page document still doesn't turn you into a financial institution.

I'm not sure I would want to finance anything in this economy, or have some one owing me a large some of money. But hey, let 'er rip, it's not my money nor is it my place. It is a free country for now and you have every right to be stupid.
South Laurel

Dyer, TN

#14 Aug 30, 2010
Thank you for all your input
interested

Ripley, TN

#15 Aug 30, 2010
Where is this house located? Subdivision or alone? How close are the neighbors?
South Laurel

Dyer, TN

#16 Aug 31, 2010
Sublimity Springs Subdivision

Info and picture here

https://post.craigslist.org/manage/1923571156...
South Laurel

Dyer, TN

#17 Aug 31, 2010
Sorry here is the correct link
https://post.craigslist.org/manage/1923571156...
South Laurel

Dyer, TN

#18 Aug 31, 2010
South Laurel

Dyer, TN

#20 Sep 1, 2010
Thanks to everyone for all your emails, but to save us both some time, the house is not available for rent.

Still getting emails.

The House is available for sale by owner, or a land contract with 10% down, but we are not renting it out.
South Laurel

Dyer, TN

#21 Sep 3, 2010
If we decide to rent, we will email all of you back, but at this time that is not an option.

http://eastky.craigslist.org/reo/1923571156.h...
South Laurel

Dyer, TN

#22 Sep 21, 2010
we now have the house listed here
http://www.owners.com/KY/London/3024-Riversid...

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