Homes by Email

Be the first to see new listings as soon as they hit the market!

 
Terry Alexander
One Stop Realty LLC
Hendersonville, TN 37075

615-584-8154
Contact Me

Quick Search


view all


Any

Any

No Min.

No Max.
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
Terry Alexander
Broker

One Stop Realty, LLC
815 West Main Street
Hendersonville, TN 37075
Phone: 615-822-0750
Email: terry@terryalexander.com

Testimonials

Terry has helped us sell two houses! He is absolutely the most professional agent that we have ever worked with. With the attention that he gives your house, you would think that it is the only one he is selling. My best advice for you is that if you list with Terry, you had better pack your bags! Marshall Culpepper
Terry is a true professional. He is extremely knowledgeable and takes great responsibility protecting his client's best interest. Terry was extremely patient and very responsive during the sales process. Damon Estep
View All

Contact Me





* fields are required

Terry Alexander   |   One Stop Realty LLC   |   615-822-0750   |   terry@terryalexander.com 
Copyright © 2015, All Rights Reserved

One Stop Realty License #14033

Terry Alexander License #274303

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu