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Message
re: Mortgage Question
Posted on 4/21/12 at 1:48 pm to wvubrandon
Posted on 4/21/12 at 1:48 pm to wvubrandon
Would this be a second home?
2
Posted on 4/21/12 at 2:14 pm to Ric Flair
quote:
Would this be a second home?
Not entirely sure about this. The home we live in now they had been renting from my Uncle for the better part of 20+ years. Now they have entered into a land contract purchase of the home. Are they considered homeowners at the signing of the land contract or when the contract is paid in full?
Posted on 4/21/12 at 2:16 pm to Ric Flair
Also...the land contract price they are paying is $19,000 total. In the event of building a new home they would likely sell the current house for $30,000, pay off the land contract, and use the remainder towards the new purchase.
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