Selling personal home on land contract.....good idea?
Got a land contract question...
We are planning on moving to a nicer home next year.
The house we are in now is about $200k. We are at a nice low rate on it with plenty of equity. Not in a rush to pull the money out.
I wouldn't mind renting it out but the wife said no. Too much risk.
I like the idea of doing a land contract instead of a traditional sale but have never done one.
What benefits would the land contract give us over just doing a regular sale? Are they typically at a higher price? If so, how much?
What's the average interest rates charged on these relative to regular mortgage rates?
How much is typically asked as far as a down payment?
What protections would I have if the buyer defaulted? Would it go into a regular foreclosure?