Land Contract Caveats

I’ve had several people wanting to buy on land contract lately. Very few sellers want Land Contract financing because in most cases they want the funds to purchase their next home and don’t want to deal with any problems that may arise.

However it can be a good way for a seller to generate income especially with the low interest rates paid on savings accounts. They may also enjoy reduced capital gains taxes and they get to set the terms.

Some drawbacks-

If holding the title is important to the buyer, a land contract is not a good option; title does not automatically pass to the buyer in a land contract deal. This is a biggie- make sure the contract spells out at what point title is transferred to the buyer and how it will be transferred, the type of ownership and how it will be recorded. You should consult an attorney to draw up the contract and advise you- I am not one and am just sharing some tips.

Recently, I sold some land and the sellers discovered they did not have a deed. They had paid off the land 40 years ago. They did eventually get title but it was costly in time and $$.

Sellers generally retain the title until the final payment is made, tax authorities and inspectors could hold the seller liable for any tax/maintenance problems that arise. If the buyer fails to keep up the payments, it is not easy to collect or evict the buyer.

A Purchase Money Mortgage may be a good option to a Land Contract.


Posted on October 23, 2020 at 7:55 pm
John Roach | Posted in Uncategorized |

Coldwell Banker Partners with St. Jude Childrens Research Hospital

MADISON, N.J. (September 17, 2020) – Coldwell Banker Real Estate affiliated agents know the value of home, as they have been guiding people home since 1906. Home is the place we long for at the end of the day, the place that holds all we love and everything we cherish. St. Jude Children’s Research Hospital®️ treats more than 8,500 kids a year from across the United States and around the globe, providing many patient families a home-away-from-home when they need it most.

Coldwell Banker Real Estate LLC, a Realogy (NYSE: RLGY) brand, announced at the Gen Blue Experience® today the CB Supports St. Jude partnership benefiting St. Jude Children’s Research Hospital, a place kids from all over the country and the world call home while being treated for cancer and other life-threatening diseases. As part of the program that begins today and runs through September 16, 2021, Coldwell Banker affiliated agents can choose to make an automatic donation, a minimum donation of $25, for every home sale or purchase they complete.

Families never receive a bill from St. Jude for treatment, travel, housing or food – because all a family should worry about is helping their child live. More than 75% of St. Jude budgeting costs come from generous donors. Continued support through campaigns like this will continue the St. Jude mission: Finding cures. Saving children.®️ Donations that are part of the CB Supports St. Jude program mean St. Jude patients can receive treatment in comfort, form lifelong friendships and just be kids. What makes St. Jude possible are the generous donors all over the world, supporters like the Coldwell Banker brand.


Posted on September 18, 2020 at 8:04 pm
John Roach | Posted in Uncategorized |

July Single Family Home Sales Stats for Grand Traverse Region

Good Morning, Here are some interesting statistics from the Traverse Area Association of Realtors. They show single family home sales stats for 2020 and 2019. You can see that despite the lack of inventory sales held up rather well.

If you have considered selling your home, let’s talk about it. It is a great time to sell and with  interest rates at all-time lows it is still a good time to buy. Let me know if I can help.

John Roach Coldwell Banker Schmidt Bellaire 231 676 8995

Five County Area (Single Family):
Grand Traverse, Leelanau, Benzie, Antrim, Kalkaska
SOLD MARKET ANALYSIS JULY 2020
HIGH LIST PRICE: $2,495,000        AVG. LIST PRICE: $380,953
HIGH SOLD PRICE: $2,440,000      AVG. SOLD PRICE: $371.253                                                                Total Sold: 411            Avg. Days On Market: 95

   County.           No. of Sales     Average Price         Median Price               Average DOM
Grand Traverse          216                $343,827                $269,900                             73
Leelanau                      62                 $603,075                $445,000                             89
Benzie                          35                 $333,702                $251,000                             103
Antrim                          57                 $377,514                $258,000                             140
Kalkaska                      41                 $188,535                $149,900                             149
Totals                          411                $371,253                 $271,000                             95

 

 

Five County Area (Single Family):
Grand Traverse, Leelanau, Benzie, Antrim, Kalkaska
SOLD MARKET ANALYSIS JULY 2019
HIGH LIST PRICE: $2,895,000       AVG. LIST PRICE: $322,746
HIGH SOLD PRICE: $2,800,000    AVG. SOLD PRICE: $314,778
Total Sold: 406            Avg. Days On Market: 101

 County.           No. of Sales     Average Price         Median Price               Average DOM
Grand Traverse     214                   $300,885              $235,500                               84
Leelanau                  59                   $493,003              $354,000                                97
Benzie                      46                   $253,269              $236,250                              128
Antrim                     51                    $345,867              $300,000                             145
Kalkaska                 36                    $139,823               $115,000                             106
Totals                     406                  $314,778               $240,000                              101


Posted on August 24, 2020 at 3:22 pm
John Roach | Posted in Uncategorized |

Bellaire Rubber Ducky Festival Virtual But Fun

This years Bellaire Rubber Ducky Festival may be downsized but the spirit is still very large.

We at Coldwell Banker Schmidt in Bellaire are excited to participate.

Check out the crazy-size Rubber Ducky in front of our office.

Kids be sure to color-in a Rubber Ducky picture and drop it by our office to enter to win a backpack full of school supplies.  Put your name and phone number on the drawing.


Posted on August 11, 2020 at 8:23 pm
John Roach | Posted in Uncategorized |

Elk Rapids Approves Bike Route

Good News for Bicyclists in the Region.

The ER Village Council has approved a bike route through town. This makes it possible for the TART Trails group to proceed with plans to create a bike path through western Antrim county which would eventually connect trails from Grand Traverse county to the existing Little Traverse Wheelway system in Charlevoix and Emmett counties.

The Traverse Area Recreation and Transportation (TART) Inc. system includes trails in Leelanau and Grand Traverse counties with a cross-town route through Traverse City.

To learn more, click the link below for the TART website:

https://www.traversetrails.org/


Posted on July 20, 2020 at 4:37 pm
John Roach | Posted in Uncategorized |

30 Year Fixed Rate at All Time Low

The average U.S. interest rate for a 30 year fixed rate mortgage was at 3.13% this week. This matches the all time low according to Freddie Mac.

This makes it a great time to finance a home, if you can find one for sale. There aren’t many out there. Give me a call if you are thinking of selling or know someone who may be ready to sell.


Posted on June 27, 2020 at 5:48 pm
John Roach | Posted in Uncategorized |

Number and Price of Homes for Sale Currently in Antrim County

Happy Thursday. It is a beautiful day in Antrim County.

There are currently 172 homes listed for sale in Antrim County according to The Traverse Area Association of Realtors.

The average price is $477,150 with a median price of $359,000. The lowest priced home is selling for $10. The highest priced home is at $5,550,000.

The average days on market is 209 with a high of 3,047 and a median days on market of 94.

If I can help with your real estate questions, call me.

John Roach Coldwell Banker Schmidt Bellaire   231 676 8995


Posted on June 25, 2020 at 7:25 pm
John Roach | Posted in Uncategorized |

Antrim County Single Family Home Sales for May 2020 vs May 2019

In May 2020 14 Single Family homes were sold in Antrim County. The average sale price was $237,907. The average days on market was 116.

In May 2019 42 Single Family homes were sold in Antrim County. The average sale price was $285,852. The average days on market was 81.

A lot of people are looking for homes in the area but not many are coming to market. People seem to be nervous about Covid and the economy and are hanging on.

Add in the low mortgage interest rates and it is a great time to sell, if you are ready.

Give me a call, if I can help.

 

 


Posted on June 23, 2020 at 6:57 pm
John Roach | Posted in Uncategorized |

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