If you daydream about simpler times, you are in good company. It’s difficult to imagine how we all got into this “mess” and how we are going to recover. While history tells us that we always recover from recessions, however deep they may be, this is of little comfort to us when our world seems to be upside down. Trying to live out the American dream can be a significant problem, especially if you are one of the first time home buyers with bad credit. If you were once a proud homeowner and have succumbed to the dreaded word foreclosure then you may be living in temporary accommodation, with friends or with family. It seems that buying a home with poor credit is not an option for you, which is particularly sad especially if you were truly proud of the home that you once had.
Desperate times call for creative measures and this is when you should consider looking at a land contract to see if it could help you move out of such a bad situation. In the Midwest, many people have turned to land contracts and buyers and sellers have come together to discuss these options creatively. Whether in Metro Detroit, Morning side, Grosse Pointe or other suburban locations in this area, many thousands of people can tell you that land contracts really do work.
Home ownership is certainly a stabilizing factor and is seen as the bedrock of our very society and economy. It is so important, that politicians assure us that unless home ownership stabilizes and home values begin to rise again along with new construction, we are likely to see a stagnation in our economic development. Not only is home ownership important for our overall economic growth, but individually we do not feel that we are contributing enough to the neighborhood within which we live and we do not feel quite so proud to be American unless we do so. There is nothing worse than losing a home to foreclosure, often when it is beyond your control due to a job loss, cutbacks or other recessionary factors.
You may have heard of land contracts, but may also have heard of the many myths that surround them. Let’s be clear about the situation, land contracts are certainly to be considered when buying a house with poor credit. They are very negotiable instruments and represent simple agreements between a seller and a buyer. If both parties can agree on workable terms, the amount of repayment and the number of appropriate repayment periods can be infinitely negotiated for best results. You don’t have to worry about meeting a certain credit criteria or about having a large deposit, and a lot of those hidden and ancillary costs are not applicable.
Help to kick-start the economy and become a proud home owner, either for the first time or once again, by using a land contract to make it all come true. Just make sure that you are careful and that all parties are realistic and draw up a contract to put it all into motion as soon as possible.
