GRAND RAPIDS, Mich. (WOOD) — A Grand Rapids man is warning other homeowners to be careful before getting involved in a land contract. Some of his property was seized when a deal went wrong.
In 2010, retired engineering professor Thomas Hollen was trying to sell his late parents’ home on Eleanor Street NE in Grand Rapids during a down economy.
“My dad was so proud of it. It was the first house he’d owned,” Hollen said.
The house needed repairs, so there was a lack of interest in buyers until a company called Midwest Investment Services offered $40,000 on a land contract.
The sale appeared to be trouble-free for a few years until Hollen received a notice from the Kent County Treasurer’s Office. The notice threatened to seize the home because the taxes on it weren’t being paid by the buyer, who was responsible for the payment. During an email exchange, the man who runs Midwest Investment Services, Darrell DeWard, told Hollen he was trying to sell the home and would use part of the profit to pay the taxes.
Full story: WOOD TV