(a buyer should always consult their own advisors and conduct their own research.)

° Forfeiture: After buying the home, if the buyer stops making payments, they risk losing the home by forfeiture. In that case, the down payment and any investments put into the property would be lost. Buyers must prioritize making their house payments like any other bill. Sellers typically try to work with buyers who keep up good communication, have a good payment history, and make an effort to fulfill their side of the agreement.

° Seller Mortgage: All properties listed on this site are owned fully by the seller of the property. This removes the risk of seller defaulting on their mortgage or disputes with business partners. 

° Properties Sold by Single Party Sellers: All properties found on the ValDetroit website are sold by single party sellers vs. multiple individuals. This removes the risk of complications that may arise from multi party ownership such as: divorce, death and disagreement. 

° Unpaid taxes: If taxes aren’t paid, the property can be lost to the city. Any buyer should be in the habit of monitoring their tax bill online. If something looks strange, check first with the seller to find out what’s going on. If the seller is unresponsive after a few weeks or a month, you could go ahead and pay your tax bill directly and seek professional advice.

° Properties are sold “as is”: It’s a buyer’s responsibility to inspect the property prior to sale. The seller has no responsibility to conduct an inspection, and often doesn’t even know in detail what’s wrong with a property prior to sale. Never expect the seller to pay for problems that are encountered after a contract is signed.

° Buyer is responsible for: monthly payments, maintenance and rehab, utilities, property taxes and property insurance.

° Expect most Land Contract homes in Detroit to need some repairs – either cosmetic or structural: They may often be livable but not very often rent ready. If you have good home builder skills, many sellers might be willing to work out a deal that supports you in making the necessary repairs during an introductory period.