This is a great time to consider entering the arena of homeownership, to stop imposing on well-meaning friends and family, or to put months of rental payments truly behind you. You may not have a lot of money in the bank, put aside for this purpose, and it could be that circumstances have led to your credit score being far from where it should be, but don’t let this stop you.

Invariably, if you are not willing to take no for an answer you will end up coming across the concept of “land contracts” and this is where you should focus your study, so that you find out as much as you can. Land contracts are well known in certain parts of the country, especially in the state of Michigan, where if you are looking to settle down in areas such as Grosse Pointe, Morningside or Detroit, you should really consider how a land contract could enable you to do just that.

You must have a plan for your future and the plan must be achievable and workable. Sure, the last few years have been terribly difficult, but do not let the hangover of this period hold you back and stop you from reaching out and trying to achieve your dreams. Land contracts enable you to talk with motivated sellers and to collectively come up with a process enabling you to finally move into a home that you have a clear interest in. Nowadays, buying a home with poor credit can be an uphill struggle, but it doesn’t have to be so. There are hundreds of first time home buyers with bad credit who have opened up a real door to a fabulous property by using a land contract to come to terms with the seller.

If you’re willing to make a concerted effort to secure your family’s future, buying a house with poor credit is certainly achievable. Make sure that you consult experts who really know the ins and outs of these agreements and who will help you to finally get on the right track. This is the perfect time, economically, to grasp your future with both hands and to be positive.

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If you’re living in a rental property that is simply not large enough for your growing family, or if you’re essentially outstaying your welcome at your parent’s home or even living with the in-laws, you need to start looking for some special opportunities that may be available to you. For example, with a land contract you might be able to take good advantage of the current economic downturn and look into some of those attractive homes that you have bookmarked. Land contracts can often represent a far less complicated undertaking, as the terms are generally agreed between the seller and the buyer, not being subject to those typical restrictions imposed by banks and mortgage companies, which are more often than not afraid of their own shadows. You see, if you come across a highly motivated seller, it’s amazing what can be done. If you can show that you are in steady employment, that you are doing your utmost to look after your family but have little left at the end of any week to put towards saving for a down payment, then you may be able to qualify in this respect for a mutually agreed monthly house payment.

These days, buying a house with poor credit or no down payment can seem to be truly impossible and this leads to many young families living a life of utter dissatisfaction, trying to grow up and develop the family unit in a far from ideal environment. Whether renting or living with family, you’re likely just craving for a break of some kind, especially as first time home buyers with bad credit are the least interesting visitors for those often harried bank managers. You don’t have to suffer through those tasteless meetings with bank managers anymore, if you can find a land contract that can work to your better advantage. Negotiate the terms, the length of the contract and see if you can’t agree sensible and workable repayment terms with the seller. Above all else, you should make sure that you consult an independent land contract professional, who can reassure you that what you are doing is correct and prove to you that buying a home with poor credit is not some “pie in the sky” idea, after all!

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Short-term contracts may not be quite as palatable anymore and you could be forgiven for wondering about this approach. The volatility of the housing market has caused them to think twice before trying to enter into the purchase of a home at the start of the contract. If you were to do this and then suffered through a depreciation in value, you could end up with high payments and a situation where you were not financially better off. They could find themselves to be “upside down” and far from better off at the end of a short-term contract, as they may have been before.

Short-term contractors have been turning to rental options recently and not willing to touch the idea of home purchase, at least until they could see some kind of stabilization in the housing market. However, they may not have considered the concept of land contracts. Land contracts typically represent a way of constructing a short-term purchase contract for a home, based on criteria that can be negotiated between the buyer and the seller. If the contractor has an idea of where he or she wants to be at a certain period of time, i.e. at the end of the short-term contract, it could be a good idea to investigate a land contract as an option, because of its flexibility in terms of contract length and terms. In short, a land contract can really help the short-term contractor to take advantage of the current state of the economy.

When buying a home with poor credit, land contracts are great ideas. Not surprisingly, first time home buyers with bad credit have found just how flexible these contracts can be, especially in areas such as Detroit, Michigan where they are prevalent. Land contracts can be entirely flexible when it comes to buying a house with poor credit and this kind of flexibility can be very advantageous to the short-term contractor as well.

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Parents are used to preaching at their children as they grow up, encouraging them to concentrate on their education, to finish what they are doing, to do well at their chosen line of work and save money to invest in the establishment of their lives. Home ownership is a great aspiration and when you take possession of your first home, many people consider this to be a complete achievement and the scoring of a life goal.

We live in the type of economy that is known to go up and down, to operate in cycles and fluctuate between boom and bust. When we listen to economists, we hear that plentiful times are always followed by recession, but these bad times are always followed by a significant move in the other direction, as well. Historically, we can confirm what the economists say and this is always a comforting factor when we come across one of those recessions. It is in many ways unfortunate, but significant recessions have been absent for a couple of generations. I say unfortunately, because this has not prepared us for the arrival of the “big one,” or the “great recession” as it is now being called.

The arrival of the great recession has left many people on their backs, reeling from the impact of its most adverse affects. In very many cases, “nest eggs” have dwindled away to nothing and/or the value of savings has being eroded significantly, to a point where aspiring homeowners may no longer be eligible under traditional measurements.

Due to the fact that we were ill-prepared, the economic storm has been very difficult to weather. Whether we like it or not, US society relies almost totally on the establishment of an individual’s credit score to define who they are and as these credit ratings have been hit so badly, many people just do not seem to qualify anymore to claim their slice of the beloved American dream. Can it really be thought of as reasonable that your credit rating is determined according to factors which are probably far outside of your control?

If your credit has been destroyed by the economic meltdown, or you might feel that you have no way forward, that buying a home with poor credit is next to impossible, know that there are options in Michigan for first time home buyers with bad credit. These days, buying a house with poor credit may well be attainable through a land contract and you owe it to yourself to find out as much as possible about this significant option before giving up any claim to your part of the American dream.

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How is it that we’ve come to this truly depressing economic situation? It certainly is easy to get really downhearted about this issue, but we have to remember that we are in a particularly difficult cycle in our economic world – and regardless of how we got here, you have to come up with a solution to help you and your family find your own home. There isn’t anything quite like the stability of living in a house that you are paying for and will one day own ‘free and clear.’

The cost-of-living seems to be out of control and just when you think that you have a handle on the regular costs, unexpected expenses come along and eat up the meager savings that you have left after paying the regular bills. It can be very difficult to save up a significant amount of money to put down as a deposit, but while unemployment around you is so high, you nevertheless have to be thankful that you have that steady job. The fact that you have a steady job is definitely beneficial and when you are buying a house with poor credit, those who are willing to enter into a land contract will be very interested to talk with you. Have you ever heard of a land contract, these are well known in the state of Michigan? The Midwest is certainly a great place to live and if you have your heart set on long-term residence here, professionals and land contract lenders would be delighted to see you. You could end up with a beautiful house in southeast Michigan according to the terms and conditions that you find palatable. Qualification in the eyes of the banks may be a distant goal, but you should not listen to their conditions and restrictions alone, anyway!

In Michigan, vendors who know how to work with land contracts are more than sympathetic when listening to first time home buyers with bad credit. They understand what you’re going through and how the banks view you when buying a home with poor credit. You will find that almost all of the terms are flexible and negotiable and you can set the amount of money that you want to pay each month over the appropriate number of years to make it happen. Before you even know it, a beautiful and well negotiated land contract can give you the key to the door of the Michigan home of your dreams.

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As if these challenges were not enough, sometimes external forces can come along and throw a wrench in the works. If you are unfortunate enough to encounter circumstances that you cannot control, the credit rating that you have built up over time can be significantly affected. Why is it that it takes so long to establish a good credit rating, but that this rating can be destroyed in little or no time, leaving you with a very difficult hill to climb to re-establish your position?

Life can be busy at the best of times and it can be difficult, if not impossible to find time for adequate planning. We are just devoting our time to getting by or paying the expenses. Challenges come along to test us from time to time and just as we have saved up some money to put towards a home deposit, we find an emergency need for it elsewhere. Some issue or another may affect our credit score occasionally and it seems that if we have the deposit money, we don’t qualify based on our credit score, or vice versa.

You can face a huge challenge when buying a home with poor credit, however people who are lucky enough to live in the state of Michigan can turn to what is called a land contract, an option which means that you do not have to turn to traditional vendors all the time.

A land contract is a very flexible option and can be negotiated according to your requirements. In other words, through flexibility you can establish terms that would suit your situation. Apply all of your deposit money toward the purchase and avoid getting tied up in all those ancillary costs, insurances and other expenses; this is the beauty of dealing directly with the seller who has flexible terms, not set in concrete like the traditional lenders.

Don’t believe that buying a house with poor credit is merely a pipe dream anymore, as you may well find a land contract for you that will represent a far less expensive option than renting. Imagine what it would be like to live in one of your favorite neighborhoods, Southeast Michigan, Metro Detroit or nearby?

Thankfully, first time home buyers with bad credit may well have found a savior in the form of a land contract. Finally, that glimmer of hope truly is a light at the end of the tunnel.

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As soon as the seller has accepted your offer, you should meet with your legal adviser and talk about all the obligations under the contract. The legal adviser should also advise you as to what expenses you are likely to incur with respect to the closing procedures, including Land Transfer Tax, disbursements and legal fees.

UTILITIES

The legal adviser will also send letters to all the concerned municipal or regional utility departments, in order to verify there are no arrears or outstanding charges for gas, water or hydro expenses. Another purpose of these letters is to find out if the equipment on the property is rented or owned, and also to inform the utility departments about the planned closing date, the new owner’s name and the name of the vendor’s legal adviser. In these letters, it is also important to request information regarding the type of billing and if the billing is metered.

TAXES

Taxes is another relevant topic. You will have to provide a Tax Certificate, which will confirm the amount of the current year’s taxes and any arrears and outstanding charges for the current year and any preceding years.

BUILDING & ZONING

Your legal adviser will also send a letter to the Building and Zoning Department, along with a copy of survey for the property. The purpose of this is to disclose all the particulars of zoning by-laws and restrictions concerning the distance from the street and side and rear lines, construction type, lot and building areas, lot frontage and depth requirements and permitted uses.

TITLE & EXECUTION SEARCH

The appropriate division of the Land Registry Office will start a Search of title to the property in order to find out whether or not the vendor is the owner of the property and whether or not he has the legal right to convey the property. The search also reveals if the property is not a subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not described in the Agreement or Purchase and Sale. Also an execution search is made in the appropriate Sheriff’s Office to confirm that there are no executions against the vendor or previous owners of the property that would affect your title.

FINANCING

While your legal adviser is doing his initial searches, it is your responsibility to make necessary arrangements for financing. Already before signing the Agreement of Purchase and Sale, you should have decided the amount of financing you will qualify for and the amount you will require to complete the deal. On the day of closing, you might not be aware of all the fees related to mortgage financing. Your legal adviser can advise you of these fees when the financial institution that you chose provides you with a Mortgage Commitment Letter.

BEFORE THE DAY OF CLOSING

A few days before the closing, you will need to come to your legal adviser’s office to sign all the necessary documents and to produce a certified cheque to verify the balance of closing funds.

CLOSING DAY

Yours and the vendor’s solicitors will meet at the appropriate Land Registry Office at a time convenient to both of them. They will subsearch the title and complete the final execution searches. Documents, keys and cheques will be exchanged and your legal adviser will supervise the registration of all necessary documents. Once the documents have been registered the vendor’s legal adviser may release the funds to his clients and your legal adviser may release the keys to you.

AFTER CLOSING

After closing your legal adviser will write a reporting letter to you certifying your title and explaining all details of the transaction. Then you are finally free to move in to your new place! Just make sure to check that all items that should be included in the purchase price, as specified in the Agreement of Purchase and Sale, are left on the property by the vendor. If you believe something is absent, contact your legal adviser immediately.

Technorati Tags: home, house, offer, property, Real Estate

Once the offer has been accepted, your legal adviser should explain to you your responsibilities under the contract. Your attorney should help you to understand all the expenses related to the closing procedures, including Land Transfer Tax, disbursements and legal fees.

UTILITIES

Letters are sent by your legal adviser to all municipal or regional utility departments to validate that there are no arrears or outstanding charges, such as gas, water or hydro expenses. These letters also verify if the equipment on the property is rented or owned and they also advise the various utility departments of the scheduled closing date, the new owner’s name and the name of the vendor’s legal adviser. These letters also demand information as to the type of billing and if the billing is metered.

TAXES

Your legal adviser will ask for a Tax Certificate to confirm the current year’s taxes amount and to find out any arrears and outstanding charges for taxes, both in the current year and in any preceding ones.

BUILDING & ZONING

A letter is sent by your legal adviser to the Building and Zoning Department along with a copy of the survey for the property to disclose the full details of zoning by-laws and restrictions relating to the distance from the street and side and rear lines, type of construction, lot areas and building areas, lot frontage and depth requirements and permitted uses.

TITLE & EXECUTION SEARCH

A Search of title to the property is commenced in the appropriate division of the Land Registry Office to establish whether or not the vendor is the owner of the property, whether or not he has the right to convey the property, and that the property is not subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not disclosed in the Agreement or Purchase and Sale. Also an execution search is made in the appropriate Sheriff’s Office to confirm that there are no executions against the vendor or prior owners of the property that would affect your title.

FINANCING

All the initial searches we have just described are taken care of by your legal adviser. In the meantime, it is up to you to make all the necessary arrangements concerning the financial side of the business. Already before signing the Agreement of Purchase and Sale, you should have decided the amount of financing you will qualify for and the amount you will require to finish the deal. There are always some costs related to mortgage financing that you haven’t known about on the day of closing. Again, it is a good idea to ask your legal adviser about these costs, when you get the Mortgage Commitment Letter from the financial institution that you have selected.

BEFORE THE DAY OF CLOSING

You will also need a certified cheque to confirm the balance of closing funds to your legal adviser. Bring this with you when you come to sign all the documents needed a few days before the closing.

CLOSING DAY

Your legal adviser will arrange an appointment with the vendor’s legal adviser at the appropriate Land Registry Office to subsearch the title and finish the execution searches. The solicitors will exchange all the documents, keys and cheques and your solicitor will attend to the registration of all the necessary documents. Once the documents have been registered the vendor’s legal adviser may release the finances to his clients and your legal adviser may release the keys to you.

AFTER CLOSING

After closing your legal adviser will prepare a reporting letter to you certifying your title and explaining all details of the transaction. When you move in to your new home check to see that all items in the Agreement of Purchase and Sale specified as included in the purchase price are left on the property by the vendor. If you think something is missing, contact your legal adviser immediately.

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1. A higher Deductible will result in lower rates.

Remember that your deductible is the amount you’ll have to pay first before your insurer pays out anything. $250 is usually the least deductible available in homeowners insurance. Raising your deductible from $250 to $500, for example, could save you around 12 percent. Increasing it more to $1000 could result in a 24% discount in premium. What you’ll get as savings for each deductible amount will vary depending on your insurer.

2. You’ll save if you get all your policies from the same insurer. Insurance carriers give discounts to policyholders who buy more one policy from them. Nevertheless, you might save more by obtaining your policies from different carriers.

Let me make this easier to understand…

We’ll work in the assumption that you have life, auto, health and home insurance policies. You can expect a reasonable discount from any insurance provider with whom you maintain multiple policies. Nevertheless, we will look at it from a rather global view to see another option…

Following are made up rates for a profile’s different insurance policies with different companies…

Insurer A

Life insurance: $2,590

Health insurance: $2,200

Auto insurance: $3,500

Home: $2,100

Insurer B

Life insurance: $3,100

Health insurance: $2,400

Auto insurance: $2,500

Home insurance: $2,400

Insure C

Life insurance: $2,900

Health insurance: $1,900

Auto insurance: $2,800

Home insurance: $2,700

Insurer D

Life insurance: $2,100

Health insurance: $2,300

Auto insurance: $2,750

Home insurance: $2,600

Take for instance that these rates were given to you, your sum for the four policies would be $10,390 if you purchased all policies from insurer A. Though, your total insurance costs will drop to $9351 if you’re given a multi-policy discount of 10 percent. Savings of this order can be termed big.

Even though the savings made with a multi-policy discount is quite big, let us see what would have been the case if you decided to buy from different companies who gave you the best price for each policy…

The following are the cheapest rates from different companies for the different policies: $2,1000 from Insurer A; $2,500 from Insurer B; $1,900 from Insurer C and $2,100 from Insurer C. This gives a sum of $8,600 although you were not given any multi-policy discount.

This is $751 lower than what you’ll receive if you settle for a multi-policy discount.

Notwithstanding that this is true in many cases, it’s not always so. This means that you can only be sure by doing extensive comparison shopping. And a good way to discover is to get and compare quotes from up to five insurance quotes sites. The wider the range of quotes you get, the more you’ll save because you’ll be able to spot the lowest quotes available for your profile…

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