If you’ve sold a home on land contract, you might find yourself one day looking for buyers of land contracts. That day has arrived. You are now carrying the note and receiving payments on it, but due to the changing circumstances of life, you now want to sell your note to a buyer land contract.
The reason you want to sell doesn’t matter. The bottomline is you need or want to raise some cash now. It could be a medical emergency, unanticipated bills, a business endeavor, not wanting to deal with the paperwork and headaches of collecting payments on the land contract, stress from living with the knowledge that the person making payments on the land contract may default, or any number of things.
The good news is there are buyers of land contracts — professional note buyers — who will consider purchasing your note for a lump sum of cash.
Maybe you want to sell the entire land contract note and be done with it or maybe you need less money and want to sell only a portion of the note and hold the rest for cash flow.
It doesn’t matter. A competent note buyer will consider either situation.
Buyer Land Contract: Factors To Understand
A land contract, also called contract for deed, is not unlike a typical mortgage in that the note holder receives payments in installments at a certain interest rate. There is no bank involved because, of course, you in essence became the bank by selling your home on land contract by offering seller financing.