"Lightning"Rod Adams, Broker Direct: 503-984-0950 Rod@lightningrodadams.com |
Canby Oregon Realtors |
Vince Pavlicek, Broker Direct: 503-266-2546 VJPavlicek@Outlook.com |
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 ContentsCanby Oregon Realtors
Equity Oregon Real Estate
181 N Grant St.
Canby, OR 97013
Rod Adams , Broker
Direct: 503-984-0950 | Rod@lightningrodadams.com
Vince Pavlicek, Broker
Direct: 503-266-2546 | vjpavlicek@canby.com
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Equity Oregon Real Estate
181 N Grant St. Ste #105
Canby, OR 97013
Rod Adams , Broker
Direct: 503-984-0950 | Rod@lightningrodadams.com
Vince Pavlicek, Broker
Direct: 503-266-2546 | vjpavlicek@outlook.com
Copyright © 2016. Rod Adams and Vince Pavlicek, All Rights Reserved
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Information deemed to be reliable but not guaranteed and should be independently verified. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange Program of the RMLS™ of Portland, Oregon. Real estate listings held by brokerage firms other than Equity Oregon Real Estate are marked with the IDX logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Some properties which appear for sale on this website may subsequently have sold or may no longer be available.
Information last updated on 2024-03-28 13:30:21.