Problems in Selling a Michigan Land Contract? See how we handle problems.
When buying a Michigan Land Contract, the first thing we want to know is how does the borrower handle financial obligations… how is he is performing on your note and his other financial obligations. We further evaluate the property, the equity position of the borrowers and the terms of the loan.
When buying a Michigan Land Contract, we look to see that the borrowers can make their payments on time. Because if the borrowers make their payments on time, we can pay more for the contract than if the payers are late with payments.
If the payers have weak credit, we will try to buy a part of the land contract with an option to buy more of the contract once we are comfortable with borrower and his payment performance.
When selling a Michigan land contract, an important factor is the type of property being sold on the land contract. The least risky contract, is on a single family home occupied by the payer. Because even if the borrower has good credit, if in the future, he loses his job, suffers a divorce or a health problem, he may not have enough money to pay all his bills. And, generally the house payment is the last payment he will let go.
The next most desirable contract is on an investor property with 1-4 residential units… After that we love commercial contracts and contracts on land. We also buy business notes.
When selling a Michigan land contract, the value of the property is very important. If, for example, there is more money owed on the contract than the property is worth… we will look to buy part of the contract… keeping us in an equity position in the case the borrower defaults on the contract.
Next we look at the loan terms. Perhaps you are looking at selling a Michigan land contract with a balloon payment coming due in 1-3 years. If the payer doesn’t have a plan in place to make the balloon payment or he won’t be able to make the balloon payment, we will look at extending the loan payments and removing the balloon .
In summary, we love to overcome problems… and, we are good at it… allowing us to purchase contracts which other note buyers can’t buy. And, we would love an opportunity to buy your note.
If you have any questions or concerns, please call us at 772-232-2383 and we will help you in any way that we can.
If you are interested in selling a Michigan land contract now… we would like to completely understand your contract details to make you a reliable, highest and best offer. To start the conversation, fill out the form below on this page or call us at 772-232-2383.
We buy in all MI cities and specialize in: Adrian |Ann Arbor |Bath | Bedford |Dearborn |DeWitt| East Lansing |Farmington Hills| Grand Rapids |Holt | Holland |Lansing |Livonia |Midland |Sterling Heights |Traverse City |Warren | Westland| Wyoming |