has anyone bought or sold a house privatly or on contract?got questions for you

[plated]

lookin to get info on buying a house from a private individual on somekind of contract,say you find a house for 60-80k and have 20k to put don is there people out there sellin houses like that not using a bank just makin up there contract? and makin payments to the oner?

[Black Horse]

Nothing wrong with that.....just make sure you have your lawyer check to see everything is on the up and up.

[NC89GT]

THere are lots of people who do that. Just make sure you have an attorney look at the contract.. Lots of people looking to see who don't need the money are willing to do it because banks have tightened up loan requirements. I couldnt get a 30k loan on a house that I owned outright that appraised for 70k. I didnt have any other debt at all.

[bestracing]

It's called a Land Contract. Like stated above, read over the contract very carefully. Also make sure that the contract is recorded at the county.

Check here--> http://www.standardlegal.com/law-library/Land-Contract-Overview.html

[sc30687notch]

the thing about land contract in our case when homes are sold as land contract the owner doesnt have to tell u the history of home Me and my wife found out the bad way the farm we bought was a meth home "which the owner failed to tell us " my wife ended up with cancer and kids were constily sick just A REAL BAD EXPERIENCE just remember when buying from a realator they have to disclose everything and on land contract owner doesnt have to say sh.....it. just letting u know how bad it could be if u dont look at every aspect..

[2Kblacksleeper]

Damn man, I hope the wife and kids are doing well now.

JOhn

[skeptiq]

the thing about land contract in our case when homes are sold as land contract the owner doesnt have to tell u the history of home Me and my wife found out the bad way the farm we bought was a meth home "which the owner failed to tell us " my wife ended up with cancer and kids were constily sick just A REAL BAD EXPERIENCE just remember when buying from a realator they have to disclose everything and on land contract owner doesnt have to say sh.....it. just letting u know how bad it could be if u dont look at every aspect..

That is terrible. Just when you think there is a shred of humanity left...

[Byrd Man]

I'm curious, is there any way of purchasing real estate by a land contract and it still benefits and/or affects the buyer's credit score???

In today's world your name is only good as your credit. Your credibility is everything and the modern way accounts and such judge you.

[bestracing]

I'm curious, is there any way of purchasing real estate by a land contract and it still benefits and/or affects the buyer's credit score???

In today's world your name is only good as your credit. Your credibility is everything and the modern way accounts and such judge you.

Only if you can get the seller to record it which most wont do since it can be complicated. Friend of mine did a rent to own thing on a new house and the seller (realtor) didn't record anything so it didn't help with his credit score to show that he made 24 mo. of payments on time. Although the bank, loan officer, did accept a letter stating he was never behind in payments so it did help that way but from a private seller who knows....

[Byrd Man]

Only if you can get the seller to record it which most wont do since it can be complicated. Friend of mine did a rent to own thing on a new house and the seller (realtor) didn't record anything so it didn't help with his credit score to show that he made 24 mo. of payments on time. Although the bank, loan officer, did accept a letter stating he was never behind in payments so it did help that way but from a private seller who knows....

Thanks.... That's what I pretty much figured.