Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.
The financial crisis of the last several years has left many people with less than stellar credit. While we have quite a few flexible, community-based lenders in our area, the newest rules and regulations regarding lending may tie their hands and may prevent potential loans from being workable. Therefore sometimes potential buyers of homes cannot secure the proper financing in order to purchase a home. This is when a land contract may be a good solution for the home buyers and sellers.
Land contracts are a specific form of financing used by the sellers wherein the seller allows the buyer to make payments toward the purchase of the home over time.
The financial crisis of the last several years has affected the creditworthiness of many of us. Those of us who have faced significant financial difficulty in the past may now have sufficient income and cash flow to make house payments.
At the same time, other people are ready to sell their homes. This sounds like matches made in heaven, except when a prospective buyer cannot secure home loan financing, due to past financial difficulties.
Read Lee’s full article on land contracts in the Lima News here: Legal-Ease: Looking at land contracts