Potential Seller Finance In Calumet City.

[Carolina E.]

Hi Everyone,

Just went to look at a house in Calumet City.  I have been trying to stay out of Cook and  away from 2 bedroom houses, but this owner is willing to do seller financing.  I had to at least go see it.  It hasn't been easy for me to find seller financing.

The house is in good condition, needs paint, a cleaning and has a cracked window.  It is a frame two bedroom, 1 bath, 1 detached garage.  Attic with a lot of space and an unfinished basement.

We haven't really talked about terms for seller financing.  I want to know what are usual terms? Or do they vary?  Before I mentioned seller finance, their asking price was 40K.  Not sure if that will change.

 They are currently getting $1000 a month in rent, the landlord pays water.  I looked up rental rates and it seems like average rent is 810 in the area.  I looked at rentometer.com.  Taxes are about 2,300.

I also want to know what people think of the area and anything I should look into.  Thank you!

[Brian Gibbons]

If you are in Illinois it maybe coined a "land contract".

See

http://www.atgf.com/tools-publications/pubs/may-20...

To me its like a car loan, the bank owns the car, I have some kind of ownership.  When I pay off the car loan, I own it free of liens.