It's a poor reflection on human nature, but isn’t it always the case that whenever people are facing hard times, unscrupulous elements seem to flock? It seems that if there is a quick buck to be made, some people are ready to jump in and feed off raw human emotions as they know that decisions can sometimes be made hastily when someone is under a lot of pressure. You don't have to look far when it comes to the housing market to find these sharks, most especially in this day and age. For hundreds of thousands of people around the country, buying a home with poor credit seems like an unattainable dream, yet there are many unscrupulous individuals out there willing to tell you that it can be done, sometimes with unrealistic expectations.

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. You only have to look for proof to the many thousands of people who commissioned such contracts, are currently living in the home of their dreams and have achieved this position of independence by using land contracts correctly, while rebuilding a credit position.

People end up with bad credit for a variety of different reasons, often due to circumstances beyond their control. 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. It is easy to see that land contract sharks can land you in hot water, saddled with major issues if you're not careful.

It's important to remember that meaningful questions must be asked up front and the small print must be referred to at all times, so that no unfair terminology is injected without your knowledge. This is why it's important to use the services of a land contract expert, making sure that the terms are couched in a way that can benefit you. It all needs to work out well for both parties to the agreement. Conventional lending has many restrictions and associated drawbacks and this is compounded by the fact that the lender may not be motivated sufficiently, anyway. With land contracts, all parties will be motivated to make something work, but just make sure that you avoid those land contract sharks that may be circling above you – they only have one thing in mind, and it's not your best interests!