Are "motivated sellers" likely to agree to a land contract? Or want to close immediately?

There is no way I am going through a bank for a home loan. I am a student paying outrageous rent in this area and I would rather put my $ into something of value. I will be in school for another 4 years (including grad school) and would love to raise my kids here. Any suggestions?

*I am paying $800/month in a southern city of WV w/a population of 60,000. The house I have been in love w/is listed @ $60k.

"Motivated sellers" could cover a lot of things.

You have to ask questions to determine their motivations.

Their motivation could be genuine, or it could be a tease by the real estate broker to make it seem so.

They might be more flexible on pricing, and eager to drop the price if an offer is 'clean' with few contigencies. Or they might want a fast escrow time frame. They might have already purchased another property and need to sell this one fast, to avoid paying a bridge loan on two properties. You and your agent have to ask questions to understand the seller's real motivations.

You should be pre-approved with your loan committed by a lender of some kind, unless you have the $60K cash or private funds. If not, then it's possible that the seller will be willing to finance you - but only if they don't need a cash sale.

One idea is to consider a lease-purchase option, where you agree to a 1 year lease on the property. You & the seller agree to a purchase price now for a sale to you in 12 months' time. You make monthly rental payments to the seller, with a substantial amount (50-80%) of your rent going towards a down-payment. The seller gets a motivated buyer, and locks-in a price today for a sale in 2007. See a tax adviser or lawyer for help.