Anyone use these? Good or bad?
I am considering using one for an owner finaning deal.
I never use land contracts because they are riskier than lease options. One of the problems with land contracts is that under some circumstances you must foreclose on the “buyer” when they stop paying. Foreclosure can take many months and can be complicated is the “buyer” declares bankruptcy. Therefore, I consider it MUCH safer to simply do a lease option.
Both lease options and land contracts are similar in that the “buyers” rarely actually buy the property. Lease option and land contract buyers typically have bad credit which is the reason they are buying on lease option or land contract.
Obviously, whatever you do, you should thoroughly understand the laws in your state.
Good Luck,
Mike