Questions To Ask About Owner Financed Land
East Texas offers beautiful land that you can call your own. Whether you want to buy a small area for yourself, or you want to invest in a significant stretch of land, you may want to bypass the bank. If this is the case, seller financing may be an option for you to explore.
In today’s blog, we cover owner financed land and include several questions to ask about this method of obtaining financing for your East Texas land purchase.
An Attractive Option For Land Investors
It doesn’t matter if you are brand new to purchasing and owning land, or if you already own land and want to purchase more; owner financed land for sale is an option worth exploring and seriously considering. Answers to the following questions can help you decide which way to go in terms of financing your land purchase.
What Is Owner Financed Land?
- Instead of making a down payment on your land purchase and financing the rest through a loan from the bank, you can finance the balance through what’s known as seller financing. This means that you will be making payments directly to the seller instead of to a bank; payments will be made to the seller until the property is paid off. This option is also referred to as “owner will carry.”
How Much Down Payment Is Required?
- You and the seller will agree upon a down payment amount that works for both sides. At Texas Acres, we typically ask for 10% of the purchase price for the down payment, but we will often work with you and offer as much flexibility as possible in order to stay within your budget.
How Can Seller Financing Save Me Money?
- Many buyers find this option attractive because the terms are often more flexible and workable. In addition, with neither a title company nor a bank involved, closing costs are often lower, saving the buyer a significant amount of money since fewer fees are charged.
How Can The Owner Financed Land Option Save Me Time?
- Because no one is waiting for decisions from the bank or availability from a title company, the whole process can move along much more quickly, ultimately saving both the buyer and the seller time thanks to a more streamlined process.
Learn More From Texas Acres
Would you like to learn more about owner financed land for sale in East Texas? We are here to answer your questions and help in any way we can! Reach out to us today.