Recent legislation has greatly affected how investors do business, especially the use of land contracts. Today a land contract buyer must be very careful or he or she could be in a lot of trouble. The main piece of legislation that affects this type of transaction is the Dodd Frank Bill. This bill, in the opinion of real estate investors, went too far in protecting the home buyer when a land contract is used for the owner of the property to sell his real estate on a land contract.
Real estate investors are not big fans of this bill, as it puts too much of the burden on them to make sure that the buyer can afford the property and make future payments. The way the bill is worded, many say, that the mere act of defaulting, and not making the scheduled payments is proof that the person was not property vetted by the seller and holder of the land contract.
I know of a very prominent real estate attorney that has in the past, purchased and represented many investors that purchased on land contract. This attorney told me that he will not buy property on land contract anymore, and has stopped doing deals called assumption of mortgage deals. The reason why is that he has been sued several times recently on these type of deals. Even though he has won all the cases, it was expensive, and remember he is an attorney and he represented his own cases. In-fact, he told me that he is considering switching sides and searching out buyers that have purchased on land contract and offering to start law suits on behalf of those that may be having problems making the payments. Today, the Dodd Frank Bill gives the land contract buyer a very powerful tool in his dealings with a real estate investor that he thinks has taken unfair advantage of him.
The pendulum swings back in forth from a time where the conditions of the investor were more favorable and now the buyer has the upper-hand. I personally think that both the buyer and the seller should share equal responsibility in insuring that the deal is fair for both parties. The new legislation that went into effect the first of the year (2014) is strongly in favor of the buyer. It seems to relive the buyer of doing his due diligence, and may even go as far as encouraging the buyer in a land contract deal of taking unfair advantage of the seller and holder of the land contract.
It is my understanding that the new law would require the holder of the land contract to return all monies to the buyer, even if he had lived in the property for several years. The buyer only has to show that the seller and holder of the land contract did not do a good enough job in researching the buyer’s ability to pay. The law seems to imply that the mere fact that the buyer defaulted on the agreement is strong evidence that the seller did not do his job in properly vetting the buyer.
In the real estate market, land contracts are great ways of carrying out businesses. However, if you have a land contract, you must be careful in possessing the contract. Otherwise, you might have to experience lots of hassles and troubles. The recent passing of the Dodd Frank Bill has imposed many restrictions and real estate investors are not very happy about the bill. In such a situation, if you want to Sell A Land Contract, Dream Protector is there for you. We are well aware of all the procedures and formalities that are required to complete the process. Thus, you can breathe a sigh of relief.
Today, it has become very difficult to find a buyer of land contract that would give the best deals. However, when we are there with you, you will not have to bother about anything else. If you think that the real estate investor has taken unfair advantage of you and you want to sell off the contract, we are there for you to cater to your requirements. Like any other real estate transactions, even the land contract requires preparing, signing and filing the necessary documentation.
Well, we have dedicated and trained staffs that will carry out everything on your behalf due to which you will not have to bother. Apart from the necessary filing steps, it is also vital to prepare other forms to transfer the rights of the property under a land contract. Drafting the deed is also an important task in the process. We are updated about the laws, and therefore, we can assure you everything that is required in the process.
You can request us a quote to find out what we have to offer. We have the best market rates to our sellers so that they come to us time and again. If you want, you can even compare the rates with other companies and we are sure that you will get the best deals from us. If you have any specific requirements in signing off the deal in the contract feel free to discuss with us. We will resolve your queries.