I have bought a few pieces of ground on land contracts, and thank God they are paid off. I do know from my own experience that it can go great, or south over night. I bought one from an investor who bought 40 acres across the road from my house then sold it to me less than ten days later. He knew I was going to buy it and stepped in with cash and I lost out. I had to pay him 10 grand above what he paid for owning it a week. He deeded the property over to me, but held a lien on it for the amount owed. He was a slim ball and I was glad to get him paid off. He told me that on a land contract if the buyer has paid over 50% of the value of the contract and then defaults he can argue to a judge that he owns the bigger share of the property, and the contract holder can not take it back for a missed payment. Then it is up to the court to decide who keeps the land. I am not sure if this is strait, but this guy knew his way around the court system. I never slept very well, and ALWAYS had bad dreams about my land being taken away because of some little trivial thing. I awoke many nights in a sweat. These dreams stopped as soon as the land was paid off. I have had land contracts, but always felt uneasy. Its just a easy tool to use if you don't have much up front money. /// I have had two contract holders who just called one day and said they wanted to be cashed out ,, NOW! Each time I was able to get them paid, but I am sure I took years off my life from the worrying. Each guy looked like a very nice person in the beginning, and I always paid on time and sent Christmas cards, and even stopped by to let them know how the season was going. When you owe someone money, they think they own you. I almost think each guy thought he could somehow take the land back after all the payments I had made. This was when land was gaining value by the month. I did buy when the land was low. I still would do it again if some land comes available, but would use a good attorney that knows land contracts. YOU always line him up, and YOU ALWAYS pay him. That way the contract will be on YOUR side, not written to protect the seller only. Al
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Today's Featured Article - When Push Comes to Shove - by Dave Patterson. When I was a “kid” (still am to a deree) about two I guess, my parents couldn’t find me one day. They were horrified (we lived by the railroad), my mother thought the worst: "He’s been run over by a train, he’s gone forever!" Where did they find me? Perched up on the seat of the tractor. I’d probably plowed about 3000 acres (in my head anyway) by the time they found me. This is where my love for tractors started and has only gotten worse in my tender 50 yrs on this “green planet”. I’m par
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