Land Contracts - Podcast 16
Podcast 16 has been removed because of Dodd Frank legislative issues, etc and I was wondering if someone could tell me what part of the podcast discussion is considered "illegal"? I wan't able to listen to it before it was replaced.
Specifically are Land Contracts illegal? I spoke to my real estate attorney and he said there is no problem in selling property in this manner. I'm not sure if rules vary from state to state but I am located in Iowa.
Background: I own a house that I purchased as a long-term rental however my tenants love the house so much that they are begging to buy it. I'm considering selling it to them on contract. I have a loan at about 80% LTV. I know my banker pretty well and asked "hypothetically" if I were to sell on contract would the bank call the note due and she said "hypothetically", no she could find a work around to allow it. Basically if they continue to receive payments they look the other way. I like my bank! (local portfolio lender)