What Are The Primary Advantages Of Buying Owner-financed Land?
Are you considering purchasing land in East Texas? Congratulations! We believe this is a good investment. If this is your first time buying land, you may find yourself running into a few obstacles. One way to overcome financial hurdles associated with purchasing land is to opt for buying owner financed land.
When Owner Financing For Land Purchases Makes Sense
With owner financed land, you are able to purchase land without needing to get a traditional bank loan. This is a favorable option for many people, especially those who have enough money for a down payment but are facing obstacles when attempting to secure a loan from a bank.
Take a look at when it might be a good idea to buy land using the owner financing option (also known as seller financing).
When You’re Having Trouble Getting A Loan
For a number of reasons, it can sometimes be difficult to qualify for a bank loan. Your bank may feel that your financial picture is inadequate in some way and may refuse to give you a loan. Or the bank may have objections with regards to the size of the land you intend to purchase, its location, or what you intend to use it for. The fact is, a bank can approve or reject you based on many factors beyond your control.
When You Need A More Flexible Lender
Often, seller financing offers you greater flexibility. The seller may be willing to work with you on the terms of the loan, or even on the amount of down payment that is acceptable. Many people who purchase land choose to go with an owner financing option simply for the greater flexibility that it often offers.
When You Want A Faster Closing Process
With a traditional loan, it can take a long time to close on the land sale. Owner financed land, however, can be yours much faster. The seller financing option can often be streamlined, which translates to a quicker closing process. The selling company may prepare closing documents, bypassing the time and cost involved with a title company or a bank.
When You Want Lower Closing Costs
As you’ve probably deduced by now, when the entire closing process can proceed much faster, the associated costs can be significantly lower. Without banks or possibly title companies involved, fewer fees exist. In fact, your only required fees may simply be your down payment and any necessary recording fees.
Reach Out To Texas Acres For Owner Financing Options!
Ready to learn more about seller financing? Get in touch with Texas Acres! We have been selling owner-financed land since 2004, and we can help you find and purchase the land of your dreams.
East Texas offers many opportunities for buying land. You can hold on to your land as an investment for as long as you want. Our diverse clientele has many reasons for purchasing beautiful land for sale in East Texas, and we’re sure you have your own reasons! Whatever they may be, know that we are a trusted, experienced company that can help you locate the perfect rural property and help you with financing. Reach out to Texas Acres today!