QUESTION

Real estate

Asked on Jan 07th, 2022 on Real Estate - Michigan
More details to this question:
I’m buying a home on a land contract. My husband passed away and I can no longer afford it. Can I sell it and if so what will I get out of it. We have been paying on it for ten years.
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1 ANSWER

Real Estate Attorney serving Bloomfield Hills, MI
Partner at Borman-Lahti PLLC
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There are a lot of issues in your question. First, you need to know what the value of your home is.  I recommend you work with a licensed realtor to establish what the home could be sold for in today's market. Second, what are the terms of your land contract? Most provide, that, if you sell, either the new buyer has to be approved to take over the land contract or you have to pay off the land contract completely. Be aware that there are many unscrupulous land contract sellers out there that imposed, frankly, evil terms in their contracts with buyers. If you are a victim of such an agreement, you may need legal representation to extricate yourself from the situation.
Answered on Jan 07th, 2022 at 9:34 AM

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