Agent

The land-contract gamble

Selling tactic a lose-lose when layoffs hit
Published on Apr 27, 2009

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

DEAR BENNY: I sold a home in 2006 by way of a land contract. The buyers were making payments to me in order to pay down the purchase price. Recently, the buyers quitclaimed (in lieu of foreclosure) the property back to me. They said they lost their jobs. I received a letter from a mortgage company this week. They are applying for a new home. Any recourse I can take? The property has lost a lot of value in the past year. --Nancy

Comments