How Do You Buy A Home With A Land Contract?
Prospective homeowners can have difficulty being approved for home loans, making it impossible to buy their dream homes. Land contracts may be the answer to their dreams. Instead of involving a bank, the seller finances the loan, allowing the buyer to purchase the home without a pristine credit history. Step 1 Locate a house to purchase. It is preferable to find a house “For Sale by Owner” (FSBO). These houses are not represented by realtors, saving the buyer from paying a commission. Step 2 Enlist the help of a real estate agent who endorses the concept of “creative financing.” The terminology and structure of the land contract differs from a normal mortgage, so be sure to use an agent that has written land contracts in the past. These individuals are not licensed but have connections that will be able to assist in getting the best deal for their clients. There may be a fee for services, but it will be considerably cheaper than a realtor’s commission. Step 3 Write an offer with the he
Prospective homeowners can have difficulty being approved for home loans, making it impossible to buy their dream homes. Land contracts may be the answer to their dreams. Instead of involving a bank, the seller finances the loan, allowing the buyer to purchase the home without a pristine credit history. Locate a house to purchase. It is preferable to find a house “For Sale by Owner” (FSBO). These houses are not represented by realtors, saving the buyer from paying a commission. Enlist the help of a real estate agent who endorses the concept of “creative financing.” The terminology and structure of the land contract differs from a normal mortgage, so be sure to use an agent that has written land contracts in the past. These individuals are not licensed but have connections that will be able to assist in getting the best deal for their clients. There may be a fee for services, but it will be considerably cheaper than a realtor’s commission. Write an offer with the help of the real estate
