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ewalker · Joined: 18 Oct 2009 Posts: 1 1.39 Dollars($)

We are selling a house on a Land contract, We gave the buyer a contract for 3 years and then a balloon payment for the ballance at the end of 3 years. the buyer could not get a mortgage so we extended the contract for 6 months again they could not secure the Mortgage, he then stated he thought he could secure the mortgage n November but I have received information that will not happen, he has been very good about paying his monthly payments but I do not wish to continue extending his contract.what are my options? I live in Indiana, the contract extension ended in June it is now October. I also have a mortgage on this property.

adonis · Posted: Sun Oct 18, 2009 7:59 pm Post subject:

Welcome ewalker,

As the contract has not been renewed, it would be your discretion. If you do not renew the contract further, then you can ask the buyer to leave the property. However, I would suggest you to wait till November and check out if he can get a mortgage. You've mentioned that he has been paying the monthly payments regularly, so I think you can renew the contract once again. If he is unable to get a mortgage by November, then you can ask him to leave the property.

Guest

i entered into a land contract by putting 7K down with a 48 month term. i am now approaching the end of the term and i don't wish to purchase the home. i have never been late on a payment and i have made significant improvements to the property. because the market has tanked, the owner of the property does not want to let me leave. what are my options?

adonis · Posted: Sun Jun 19, 2011 10:36 pm Post subject:

Hi jody,

You can list the property in the market and check if you can get buyers for the property.

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Breach of Land contract?