Tightened credit markets and sluggish real estate sales in Oakland County MI have sellers looking for ways to seal the deal. This week I saw a Birmingham builder do what he could to take control of the situation and set his properties apart. His answer: the land contract.
Not only is he offering land contracts, he's offering them at rates better than you will get at the bank. Today he advertised 4%! What's not to like about 4% money, especially since his homes sell at prices where the buyer is likely to need a more expensive jumbo mortgage. Other advantages of land contracts:
I think this sounds like a great incentive for buyers. Kudos to this seller for thinking outside the box and looking for a new source of buyers.
Intrigued? Take a look.
Maureen Francis is a top producing Realtor with SKBK Sotheby's International Realty in Birmingham, MI. Visit her award winning Oakland County Real Estate blog. Free Metro Detroit Home Search.
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