It’s a sad fact of human nature, but wherever people face major problems the unscrupulous are not far away. It’s almost as if they realize that when people are under pressure they tend to make emotional decisions, often somewhat hastily and they are ready to feed off these mistakes and emotions whenever there is a quick dollar or two to be made. This can certainly be true in the housing market and most especially these days. People all over the country are dreaming about buying a home with poor credit and worrying about their particular situation and the last thing that they need is these unscrupulous people willing to ramp up their expectations unrealistically, by telling them that it can be done in a variety of questionable ways.

I particularly hate land contract sharks, and they seem to proliferate in Michigan. Land contracts by themselves are a very realistic way for first time home buyers with bad credit to reach out for their starter home and when they are treated realistically and carefully, they are fully recognized by all the relevant authorities in the state of Michigan. Many thousands of people have correctly entered into such contracts, have achieved that enviable feeling of independence by living in the home they want to, and have used these contracts to help them start rebuilding their credit.

Very often, external circumstances beyond a person’s control can lead to the destruction of previously good credit. Unfortunately, buying a house with poor credit has been one of the greatest challenges of the past couple of years and it seems that land contract sharks have migrated to Detroit and surrounding areas in force – I hate them!

The typical land contract sharks will tell you that they’re offering you a home at great value with little or no money down and with very low monthly payments, but sometimes the poor buyers will find that when they move in, they are effectively only renting and may not be able to do anything to the home, to make alterations as they would like. The small print often contains hazardous restrictions, for example, not allowing you to complete a contract ahead of time and move on to find better percentage terms, should you wish. These hazards are just a couple of the major issues faced when interacting with the land contract sharks.

Always remember, ask all the pertinent questions up front and double check the small print to make sure that nothing is inserted without your knowledge. You should always use the services of a land contract expert to establish an agreement that will truly benefit you. It all needs to work out well for both parties to the agreement. There are so many restrictions associated with conventional lending and the lender itself may not be sufficiently motivated. In the case of land contracts, all parties are motivated in the beginning, but just remember to avoid land contract sharks that will surely be swimming nearby, as they certainly don’t have your best interests at heart!