Land Contract, Yes or No?

[Brian Fleming]

Although no one knows when any market will change (drop in this case), would it make sense to buy on a land contract now?

There is a nice duplex I'm looking at in a nice area. Asking is $260,000 and this would be owner occupied for me. It would be 10% down for 5 years with possible extensions at 4.5%.

One concern I have is buying high and when it comes time to get my own financing, what will the value be then?

Another concern is a recent pre-approval doesn't get me to this asking price.

Thoughts?