Land contract or try to sell?

jackierookeJune 17, 2010

Very new to this. My husband and his sister were left their mother's house in Detroit. its a very nice house (2+ bedroom brick ranch) in a not so nice neighborhood. Realtor told them it was worth $90k but of course not even a nibble at that price. They went as low as $60k and still nothing. Gave up and tried renting it. Of course the renter's were punks who we ended up asking to leave. (painted walls black and were growing pot in the basement and knocked out windows to vent plus more damage too numerous to list)

The half ownership with the sister is nightmare enough. So I'm wondering about how a land contract might work and/or rent with option to buy. I can't seem to find a clear explanation how either one works.

If this was your situation what would you do? We can't afford to leave the house empty but neither can we afford to not only pay the taxes and insurance on that house but bills too when he has to stay there to keep an eye on it!

Jackie

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sweeby

What about way-below-market rent to really good tennants?

    Bookmark   June 17, 2010 at 5:32PM
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lesterd

I don't have any ideas for you, but what part of Detroit is the house in? is it a populated area or is it going to be impacted by any of the plans to reduce the service area for city services?

    Bookmark   June 17, 2010 at 9:23PM
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Carol_from_ny

You need a real estate lawyer to advise you especially since you are dealing with family. They can explain what is best for your situation AND how to do it so you don't get burned by the sister.

    Bookmark   June 18, 2010 at 2:46PM
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