A land contract allows a buyer who is not able to secure traditional financing to purchase real estate, and the buyer has time to to work on any credit issue that they may have. This also allows the buyer time to save up for a large sum of the down payment.
Pro's- Win for all
A land contract has many concerns, 1. Which party is responsible for the maintenance? 2. Who is to carry the insurance on the house? 3. What losses there would be if the buyer decides not to purchase the property?
Con's- Making Alterations to the property
If the buyer wants to make alternations to the property, the owner may feel like he is stuck with completing all the repairs if the contact does not work out. This leaves both the owner as well as the buyer with frustration on what still needs to be completed on the property. Like everything else about a land contract, the issue of alterations to the home must be agreed upon in advance so that the seller is not left with a home that he will have to make major repairs to in order to put back on the market. This leaves the owner, in the end, with the final decisions.
In today's market, it would make sense that someone who wants to avoid the hassle of selling would opt to do a land contract.