what exactly are land contracts…thanks for any light
Do you mean Land Trust?
The owner of the property sells it using a contract. The buyers pay the seller in payments There might or might not be a balloon payment after a set period of time.
You would want to check the laws in your state.
I Indiana I would buy with a land contract.
I would not sell with a land contract.
In Indiana if you are selling with a land contract. Then you are giving the buyer an equitable interest in the property and you can not evict. You have to foreclose.
That could take up to or even over a year with no money coming in from that property. OUCH I just will not put myself in that situation.
Bruce
thanks bruce, God bless…