Columbia Basin, Ephrata, WA | Indianajones - 7/28/2025 17:44
Friend of my son has a problem and looking to the Braintrust here for ideas.
This fellow is 24 years old, married with one child and a very good union job as a pipefitter welder. His wife works also. They fell into a sweetheart deal on a house a couple years ago from a family friend. They bought a nice home from them on land contract well below market value. The seller offered a land contract with zero interest so what could be wrong with that.
They would like to build a workshop and add onto the house but can't get a loan because they do not "own" the house. They certainly don't want to get a conventional mortgage and pay 7% interest.
What could they do to borrow money to expand their house?
INDY
This is why I never buy anything on contract. We always write it up so that title passes at signing and then the seller is a mortgage holder. So much easier that way, especially if a seller dies during the term of the payments. No probate or issues figuring out who owns what now, the lawyers just need to say who’s name goes on the next payment check.
I was also going to say that zero interest is illegal, but it looks like others have covered that.
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Land contract
