Thank You For Spending Time on My Website!

Here, you can do your own custom search for the home of your dreams. If you register to this website, you can save your own criteria searches, which will allow us to keep you updated on new listings and price changes. Maybe there is a listing that's a little out of your budget; you can "favorite" that listing and my website will notify you if there is a price reduction!

I simply want to provide you value while not forcing you to pick up the telephone or pay for any real estate service. All I need is an email address so I can send you your personalized listing notifications! Please also remember, your contact information is safe with me and will not be shared. You can also contact me for any questions or inquiries!

-Betty Bargoil

Bedrooms
Baths
Min Price
Max Price
Back to Table of Contents

Land Contract

An alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations.

A land contract can be helpful for those who need time to establish or improve their credit rating. There are only small closing costs, and payment can help establish a good mortgage payment record. This can help establish an overall good credit rating, and it is possible for the buyer to later refinance the land contract with a conforming loan.

On the other hand, there are risks associated with land contracts. Land contract purchases are not necessarily recorded in the public record, and there are no guarantees that the seller will be able to transfer a clear title to the buyer upon fulfillment of the land contract. There also is no lender assuring that the purchase price for the property is justified, and no inspection of the property’s condition.

Another alternative to a non-conforming loan is assuming the seller’s mortgage. By assuming a mortgage, if the mortgage is assumable, it is possible to save on closing costs, and may allow you to obtain a favorable interest rate.

Back to Table of Contents
Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu