How do you go about selling your house on land contract?

SCH: How do you go about selling your house on land contract?
I have a home in southern Michigan that has not sold and there hasn’t been much interest…I can’t lower the price so would selling it land contract be better? We moved for jobs months ago and the house is just sitting empty.
I have the house listed for $ 117k which is low for the area and it is listed with a Century 21 agent…I can’t lower the price further (due to what I owe), houses in Michigan are just not selling due the the economy. If anyone has any other suggestions I am open to them.

Answers and Views:

Answer by M K
Find a good agent and price the property right.
It will cost you much more to pay for a vacant house and then get into a mess when selling it without an agent, than paying commission to an agent.
There are only two reasons for a property to be sitting on the market and not selling.
#1 property is overpriced according to local market.
#2 whoever is selling the property doesn’t know what they are doing.
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Yes, the market is very slow. You are not in a good situation and maybe you’ll HAVE to lover the price and cut your losses. Just calculate what is better to keep paying for an empty house or take a hit on the price.
What about renting it? Is rental an option? If you could rent it and even have negative cash flow (rent is lower than your mortgage payment) but survive for a year or two, you’ll be OK because the market will improve.