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1053 Lincoln Way East
Chambersburg, PA 17201
Office: (717) 264-7080
Fax: (888) 651-8551

Email:
Info@TheBRGhomes.com

Blog:
https://berkrealestateblog.wordpress.com/



 
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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.

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1053 Lincoln Way East
Chambersburg, PA 17201
Office: (717) 264-7080
Fax: (888) 651-8551

Email:
Info@TheBRGhomes.com

Blog:
https://berkrealestateblog.wordpress.com/



 

SELLERS!
If you're planning to sell your home in the next few months, this FREE service is designed to help establish your home's current market value. Simply choose Free Market Analysis and fill out the requested information including the Realtor that you would like to work with on this request. We will use comparable sold listings to help you calculate the fair market value of your home.

Also, please check out our Listing Presentation to give you an idea of how we can assist you!

Marketing- The internet has become a large part of The Berkstresser Realty Group's marketing. Most buyers do some sort of research on the internet before calling a Realtor. Therefore we have this website to better promote our listings with extra photos. Listings are also uploaded to various websites including www.Zillow.com www.Trulia.com , realtor.com , and www.HomesandLand.com .

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