Land Contract, Contract for Deed, or Mortgage in Michigan

[Christopher Winkler]

We bought an REO in Saginaw that was an Agreement for Deed/ Land Contract that the tenants were evicted in the past. We could not sell it due to not getting a quit claim deed from the prior owners. We finally tracked them down and we actually ended up arranging to sell it back to them for a little more than we paid vs taking a loss due to the property being partial stripped in the mean time.

My question is I can get a HUD mortgage and use that with a HUD note, or we can do another Land Contract or Contract for Deed. We do want to be able to take the property back easily if they miss the payments.

Any suggestions as to what we should use? Land Contract, Contract for Deed, or Mortgage.

Thanks to all who reply.

[Kevin George]

Hi Christopher Winkler - thanks for that information. I actually need a good real estate attorney. I'll check them out.

Also, Rick Maningas , a quit claim deed is the worst type of deed you can get lol. It literally says "I give up any interest I MIGHT have in this property and I don't even know if I own it"... There was a guy selling quit claim deeds for lots on the moon and people were buying it! I could give you a quit claim deed on your neighbors house, it doesn't mean I own or have any attachment whatsoever.

Further, a title company will never give you insurance if you have a QC. It's used more between a mother and son, for example. If your mom gave you her house with a general warranty deed and there was a cloud, for example, you wouldn't sue her; so, you might ask for a QC (same effect).