what are the pros and cons of a landlord holding a mortgage for a tenant rather then renting?
Written By: admin on September 4, 2009
One Comment
my landlord is selling the house I live in, he offered the home to me but I do not have a high enough credit score to land a mortgage or enough funds for a down payment, I can afford the mortgage but need to know what if any laws there are to help me and what I need to know before I make this offer? Like do I own the house? can I take the tax credit? does he become basically the bank? do I pay him interest?and anything else I may need to know?
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I’ve sold a house on Land Contract; you get some benefits of owning (I 1098 the owner at the end of the year) and he pays for 1/2 of property tax and his own insurance. He’s legally the owner, I can’t sell the property. He’s also responsible for all maintenance.
Rules concerning Land Contracts vary by state, contact a local RE attorney and get a copy of one that is legal in your state.
The larger question is what kind of deal can you offer your landlord to make him want to sell to you? Can you give him a down payment? Will the monthly payments be higher? What’s in it for him?