HELP!!! Land Contract Gone Wrong?!!

[James David Powell]

My hope is that the title rings the ears of one credible person, or maybe two—the more the merrier!

Without further ado . . . .

I essentially acquired a $150,000.00 residential home in the market for $25,000.00. I waited for all the houses to sell in my area, until my property was the last of three left. Even then, prospects were low-balling me. (The house needed everything literally, EVERYTHING. Still, even with all that needed done, it was a good deal.)

Anyway, I ended up selling it through a land contract. The person(s) under contract is capable of doing their own work and has made improvements to my property since our agreement (and, to let you all know, I’m still missing our written contract). It seemed like a good idea at the time, for various reasons.

Terms:

$500.00 after signing contract (which, I received)

EMD of $3000.00 (that is unsatisfied, because the home isn't "financeable")

Monthly payment of $850.00 (in so far as, they haven’t paid two months of, in 6 months. Going on 7 months now)

18 month “close date“ (ugh, that is all I’ve wanted since I bought the property—the full asking price in my pocket so I can reinvest)

I feel, sometimes, like a fool. Other times, like it was the best I could have done with the situation. If anyone has some insight, please share it with me.

Thank you! —JP

K