What is a Land Contract in Wisconsin

What is a Land Contract in WI? A Land Contract in Wisconsin also known as "Contract for Deed" or "Seller Financing" is a loan from the seller for real estate/property instead of getting a conventional loan from the bank or having a mortgage through a financial institution.

The seller holds the title or deed and gives buyer equitable title until the contract is fully satisfied by the buyer. Then buyer will get full ownership to the property. Just like a bank loan, a land contract normally has a down payment, interest rate (commonly higher than banks interest rates), over all length of contract. The loan can be fully satisfied at the end of the contract or a lump sum is due called a balloon payment.

Buyers sometime get bank financing to pay off the balloon payment to the seller. A land contract is not just for vacant land, but can be used when buying a home, condominium, commercial property, farm land etc...

If you are looking for a land contract or contract for deed in Wisconsin please visit our website often.

Can I do a rent to own after foreclosure in Wisconsin?

A question I hear often here at WI Owner Financing is:

Can I do a rent to own after a foreclosure?

Yes you absolutely can and you should. A rent to own is actually a perfect solution to get back on your feet and on the road to home ownership. Why go back to the straight renting world for a few years when you can do a rent to own immediately and get the benefits of monthly rent credits and locking in the purchase price on a your new home.

While it is good to do a rent to own with a foreclosure on your credit file there are a couple of things you should keep in mind.

The main item of concern is the end financing solution. As with any rent to own your main end goal is to obtain your own financing. In all my conversations with Lenders and mortgage brokers it is apparent that with a foreclosure on your credit record most lenders want to see at least 18 - 24 months from the foreclosure date (sheriff sale) before they will offer home financing.

The next item should go with out being said but is one of the keys for obtaining financing after a foreclosure. You must pay your bills on time. Lenders want to see that you have been responsible and have been able to pay your bills with little problems.

The final item is that it is critical that you take an active roll in your own credit repair/maintenance or enroll into a credit repair/maintenance program. If you do credit repair/maintenance yourself make sure you stay on top of this diligently. Your other option is to work with a reputable credit maintenance agency such as http://www.creditrestorationltd.com/. This last item is critical to making a rent to own a success.

With all the problems with exotic mortgages such as adjustable rate mortgages (ARMS) we might possibly see lenders in the future relax the 18-24 month time frame a little but it will still come down to your income and credit behaviour since the foreclosure.

In closing, finding a home on rent to own is one of the best first steps to getting back on track with home ownership after a foreclosure.

Rent to Own and Wisconsin

Is now a good time to do a Rent to Own in Wisconsin?
Now might be the perfect time to do a rent to own in WI. Most rent to own terms are 12 - 24 months. Given the current real estate market conditions, financial lending guidelines, and time of the year, now is the perfect time to do rent to own a home in Wisconsin. Given this time frame most things should have worked themselves out well before it is time for you to get your own financing.

The real estate market is having a tough time now, houses are not selling as fast as they used to, but houses are still selling. There are some things to keep in mind when considering a rent to own in this marketplace :


Is the purchase price fair and fixed for the length of your lease to own term?
What are other houses selling for in the neighborhood?
How much rent credits are you getting?
What is your current credit situation and how long before you can get financing?
Are you in a credit maintenance or credit repair program?

These are just some questions you should keep in mind when considering buying your next home on a rent to own in WI. Remember if any questions about a lease option in WI make sure you ask the real estate agent, owner, landlord, or property management company you are working with.