Welcome or Register
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

Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.

agent photo
Curtis and Patricia Sheets
16503 Booker T Washington Hwy
Moneta, VA 24121
Phone: (540) 293-1033
Fax: (888) 629-1611
Email:
Curtis@LoveToSellYourHome.com
Patricia@LoveToSellYourHome.com

Testimonials

Curtis and Pat are very courtious and professional. You'll get top of the line service and they will go out of their way to make sure you're satisfied. They treat you like family and stay in touch. We couldn't have asked for better realtors or friends! Tara Davidson Fain
We would like to take this opportunity to thank you for helping us find a great home to live in. We first spoke to you two years ago. At that time, you knew that we were not yet ready to purchase a home or to move. Still, you showed us a few houses. You also took the time to show us some of the highlights of the area, such as the Roanoke Star and the Market District. Over the following two years, you always kept in touch. You sent us nearly 350 houses to review and personal notes about how we were. When we sold our house in NYC and came down to Roanoke, you took us around again and we found a dream house. We still had business to finish in NYC and you took charge, getting an inspection of the home and arranging for a closing agent to handle the purchase. Thank you for finding just the right home and for treating us as friends, not as customers. If any of our friends wants to make a move out here, we would recommend you and ReMax without reservation. Alfred and Clara Rodney
We bought our house with Patricia & Curtis. They were very knowledgeable, fair and honest and very helpful. We would highly recommend them to anyone looking to buy or sell real estate. It was a pleasure to visit houses with them. Jean-Luc and Regine Willem
View All

Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu