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Re: Re: Re: Buying land on contract
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Posted by VaTom on October 15, 2003 at 16:30:46 from (64.4.122.12):
In Reply to: Re: Re: Buying land on contract posted by dhermesc on October 15, 2003 at 11:52:11:
This is very clear. She wants you to take all the risk while she gets the tax advantage. Until title is passed to you, she can encumber it to her heart's content. That's the problem with land contracts. A reasonable approach is for her to hold the mortgage with payments according to her wishes. Then it's up to you to figure out how to make the payments, including refinancing the purchase. That 30/70% ratio is common. You'd have to find a new lender who would deal with only land. They exist. I just did one.
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