Land Contract and New Home Build
Good afternoon,
I would like some input. We are currently in the process of moving in the next few months. We are currently living in a home that my parent's paid for in cash. We were prepared to do a land contract with them and had all the papers signed through a real estate lawyer. However, there are issues that arose in which we may need to sell immediately due to possible developments going in which could damage the homes value.
So, we have a few possibilities:
1) My parents could sell the home and buy a new one with cash which we could do a land contract again.
2) My parents could buy vacant land which we can then build on.
My question is, if we decided to do the second option, how would that work? We would sell the home between $250-300k, and we would buy land between $150-200k so there would be cash left over to use.
We would ultimately not want my parents involved long term so they can recoup all the cash they have in the property.
TIA!