Specialist · San Antonio, TX · Member since 2012 · 865 posts · 351 votes
I have a house in Mississippi that I am needing to sell. It needs some updates. Whereas it needs updating I think it may be better to sell it on a land contract. I understand that there are land contracts in Mississippi where if the buyer stops paying that the contract turns into a rental and the seller could reclaim the property without having to go through a costly foreclosure. Does anyone have knowledge of where I could find a user friendly contact for deed that is Mississippi compliant?
Investor · Jackson, MS · Member since 2014 · 1k+ posts · 769 votes
8y
Originally posted by @Account Closed:
I have a house in Mississippi that I am needing to sell. It needs some updates. Whereas it needs updating I think it may be better to sell it on a land contract. I understand that there are land contracts in Mississippi where if the buyer stops paying that the contract turns into a rental and the seller could reclaim the property without having to go through a costly foreclosure. Does anyone have knowledge of where I could find a user friendly contact for deed that is Mississippi compliant?
So you are using the land contract agreement as basically a 'rent-to-own' deal?
Specialist · San Antonio, TX · Member since 2012 · 865 posts · 351 votes
8y
No it will be thier house. I just want to get it back only if they stop paying. There are many cases where the buyers paid for the full term and then owned a property. I plan on using a note servicing company as well to protect both parties . If the buyer keeps their end of the deal it is thier house. This would be permanent financing for the buyer unlike a rent to own.