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  1. #31
    Platinum Member FTG-05's Avatar
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    Default Re: Tn Land for sale by owner questions ?

    Quote Originally Posted by Grumpy Old Man View Post
    check your local craigsliist and for sale buy owner .com sites there is a place for everyone if you look for it !
    WOW! I already got a decent hit on one property from this helpful hint! Thanks!!!!

  2. #32
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    Default Re: Tn Land for sale by owner questions ?

    Quote Originally Posted by dave1949 View Post

    These types of sales tend to benefit the seller in that if the buyer stops/defaults making the payments, the seller keeps whatever was previously paid, and still has the land too.



    Dave,

    How is this different from a bank mortgage?


    .
    Dan C.
    B6100DT, FEL, BH

  3. #33
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    Default Re: Tn Land for sale by owner questions ?

    Quote Originally Posted by Danno1 View Post
    Dave,

    How is this different from a bank mortgage?


    .
    no credit check, no job verification, pay and go, miss 3 payments you lose it period .

  4. #34
    Super Star Member dave1949's Avatar
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    Default Re: Tn Land for sale by owner questions ?

    Quote Originally Posted by Danno1 View Post
    Dave,

    How is this different from a bank mortgage?


    .
    Conceptually, it isn't. But note Grumpy's reply, and the earlier post about selling the same lot multiple times.

    There is absolutely nothing wrong with such sales, they can work out just fine for the seller and buyer, but they do tend to attract buyers who would not qualify at a bank for a bare land loan. People who are dreaming a bit above their budgets with no reality checks applied. It's entirely up to the seller's discretion to decide or even care if the buyer is a good risk or not, because they aren't risking much of anything.

    Miss a payment or whatever the stipulation is, and the advantage is primarily to the seller. A bank generally wants a buyer to succeed, they may be able, or hope to work out something. The seller in these cases doesn't necessarily have the same motivation or depth of resources as a bank.
    "Those were the days my friend, we thought they'd never end ..."
    When there is a huge solar energy spill, it is called a "nice day"!

  5. #35
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    Default Re: Tn Land for sale by owner questions ?

    Quote Originally Posted by dave1949 View Post
    ...Miss a payment or whatever the stipulation is, and the advantage is primarily to the seller. A bank generally wants a buyer to succeed, they may be able, or hope to work out something. The seller in these cases doesn't necessarily have the same motivation or depth of resources as a bank.
    You guys may be laboring under a false impression regarding the advantages of such contracts for a deed. You might want to get proper legal advice as I understand lots of states have consumer laws that directly regulate these types of deals.

    First result of an internet search, "[t]here's no single nationwide set of standards that addresses these contracts, but California has developed statutes that thoroughly lay out just how contracts for deed can be used." Internet says Maine has laws on land installment contracts also.

    Personally, I wouldn't rely on TBN or internet searches for any sort of legal advice either. For example, you can find idiots dispensing legal advice regarding the reasons and authority on why you don't have to pay federal income taxes. Ask Gordon Kahl, Jerome Daly and William Drexler how that worked out.
    Last edited by greasemonkeyok; 12-07-2012 at 09:09 PM.

  6. #36
    Super Star Member dave1949's Avatar
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    Default Re: Tn Land for sale by owner questions ?

    Quote Originally Posted by greasemonkeyok View Post
    You guys may be laboring under a false impression regarding the advantages of such contracts for a deed. You might want to get proper legal advice as I understand lots of states have consumer laws that directly regulate to these types of deals.

    First result of an internet search, "[t]here's no single nationwide set of standards that addresses these contracts, but California has developed statutes that thoroughly lay out just how contracts for deed can be used." Internet says Maine has laws on land installment contracts also.

    Personally, I wouldn't rely on TBN or internet searches for any legal advice either. For example, you can find idiots dispensing legal advice regarding the reasons and authority on why you don't have to pay federal income taxes.
    Who is dispensing legal advice? Danno1 asked why these sales are different than a mortgage in terms of why a seller has an advantage. I gave him some general reasons why they can be different. Buying through a bank compared to buying from a private seller are going to be different under the applicable laws.

    If you look at Post #2 in this thread, I advised using a good real estate attorney.
    "Those were the days my friend, we thought they'd never end ..."
    When there is a huge solar energy spill, it is called a "nice day"!

  7. #37
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    Default Re: Tn Land for sale by owner questions ?

    Quote Originally Posted by Danno1 View Post
    How is this different from a bank mortgage?
    With a mortgage, you are the legal owner of the property, and the bank has a lien on it. For them to claim the land, they have to go through foreclosure, which is a rigidly defined legal process, with extensive protection against fraud, incompetence, and malfeasance. With a mortgage, you also must go through a closing process, which has various legal protections in it for the buyer, such as a title check and so forth.

    With a lease-to-own, none of that needs to be in place. The seller can write whatever sort of contract he or she wants, and reclaiming the land may be as simple as an eviction, a much lower legal standard than a foreclosure.

  8. #38
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    Default Re: Tn Land for sale by owner questions ?

    Quote Originally Posted by dave1949 View Post
    Danno1 asked why these sales are different than a mortgage in terms of why a seller has an advantage. I gave him some general reasons why they can be different. Buying through a bank compared to buying from a private seller are going to be different under the applicable laws.
    Well, I read your post to infer (as Grumpy Old Man and Joshuabardwell have stated in effect) that the seller under a contract for a deed can just take the property back if the buyer misses one payment and the seller can sell it again easier than a bank can foreclose a mortgage. If that was a misread of your post, I apologize.

    That difference may be the law in Tennessee (and Joshuabardwell may be a Tennessee lawyer dispensing legal advice), but it is far from being universal. I know a fella that learned the hard way that his "contract" had to be foreclosed just like a mortgage in a different state.
    Last edited by greasemonkeyok; 12-07-2012 at 09:57 PM.

  9. #39
    Super Star Member dave1949's Avatar
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    Default Re: Tn Land for sale by owner questions ?

    Quote Originally Posted by greasemonkeyok View Post
    Well, I read your post to infer (as Grumpy Old Man and Joshuabardwell have stated) that the seller under a contract for a deed can just take the property back if the buyer misses one payment and the seller can sell it again easier than a bank can foreclose a mortgage. If that was a misread, I apologize.

    That may be the law in Tennessee, but it is far from universal.
    No apology needed. I think Grumpy said three missed payments, but whatever, I am sure the regs vary from state to state. The properties I see for sale/owner financed in Maine are mostly off in the boonies. Land with or without camps that people might buy for hunting, snowmobiling, summer getaway places, sometimes seasonal access (no roads plowed), etc. I don't think many banks would be interested in holding a lien on those types of properties, so owner financing makes sense to try and sell them.
    "Those were the days my friend, we thought they'd never end ..."
    When there is a huge solar energy spill, it is called a "nice day"!

  10. #40
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    Default Re: Tn Land for sale by owner questions ?

    Get a certified surveyor plat of the property and title insurance, although title insurance is mostly a rip-off as they have so many exclusions, it's very hard to sue them. A good land lawyer may be a better way to go. Go see the property, old Google aerials may not show that all the timber was harvested and the land is only worth pennies on the dollar.

    Pap

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