Why is it that you are invariably in the right place, but always seemingly at the wrong point in time? In monetary terms, you just can’t get it altogether when you’re presented with an opportunity, can you? This can certainly add up to serious frustration, especially if you’re responsible for looking after a devoted family and all you really want to do is to do the right thing for them. You may be working all the hours under the sun and looking after your family by making ends meet somehow, on a daily basis. However, your family is growing and the small house that you live in currently is far from ideal. You may have come across a couple of very attractive homes in Grosse Pointe or other areas of rural Michigan, some of which are in foreclosure. Is this the same old story though, you just don’t have enough money available according to those typical restrictions and you seem to be in just the right place, but at just the wrong time, once again!
In all likelihood, you might not like living in a rental property and it might not be big enough for the size of your family, or alternatively you might be staying with your parents or in-laws, which can quickly grow “old,” leaving you to look out for any potential opportunities wherever you can find them. For example, with a land contract you might be able to take good advantage of the current economic downturn and look into some of those attractive homes that you have bookmarked. Land contracts are typically much simpler arrangements and are configured between the buyer and the seller, with few of the crazy restrictions that are imposed by mortgage companies and scared banks, these days. It’s really surprising what can be achieved when two motivated parties come together to push forward toward an agreement. If you can clearly convey that you really mean business, have steady employment, and are doing everything you possibly can to care for your family, but still don’t have enough money to put aside for a down payment, you can almost always come to some sort of an agreement to help you meet a mutually acceptable monthly payment.
If you don’t happen to have the cash for a down payment or are buying a house with poor credit, this can often result in the need to live in a less than satisfying home, forcing you to put up with a general feeling of discontent. If renting or living with family, you’re probably looking for your first big break, but first time home buyers with bad credit seem to be at the ‘rock bottom’ of the list of favored people when it comes to making appointments with bank managers. You don’t have to go through all the heartbreak of trying to deal with those colorless bank managers, if you can find one of the many land contracts available in your area. Negotiate the terms, the length of the contract and see if you can’t agree sensible and workable repayment terms with the seller. Always make sure that you consult with an independent land contract expert, who may well be able to give you the green light to changing your life for the better, proving that buying a home with poor credit is really achievable.
