We have been purchasing notes, mortgages and real estate contracts for over a decade and we pride ourselves on a unique client experience at the best price possible.
Though contracts for deed have largely fallen out of favor in the last few years, this type of seller financed home purchase is usually thought to be a viable option for buyers with poor credit, who would otherwise be unable to qualify for a traditional mortgage. However, in addition, those who face the possibility of higher interest rates if they were to go the conventional financing route may also want to consider land contract homes as a more affordable alternative.
As a seller, you may want to consider entering into a land contract if you live in a market where it is hard to find a buyer who qualifies for traditional financing.
For the most part, the difference between buying a house with a regular mortgage and buying it through a straight land contract has to do with the title to the property. In a traditional financing scenario, the buyer is given legal title to the property as soon as all the paperwork is signed.
With a land contract, the seller keeps the legal title until the contract is paid off in full. For their part, the buyer is given the equitable title, which allows them to build up equity in the property as they continue to make installment payments.
Wrap around land contracts are used when the person selling the property still has an existing mortgage on the property In this type of financing scenario, there is an additional consideration beyond just the transfer of title and that’s how the existing loan will be paid off. Usually, the seller will take an installment payment from the buyer, use it to pay their debt to the existing lender, and keep any overage as profit.
AX is the fastest growing land contract buyer in the country today, Unlike some of our competitors, we operate our own in-house funding platform, which means we require no outside approval or authorization to fund your deal when you go to sell a land contract. This translates into quick closings and fast payment when it comes to buying your residential or commercial land contract.
When shopping for a land contract buyer, it is imperative that you work with a funding source that has the experience and know-how to get you your cash quickly and with as little friction as possible. In particular, we have the ability to fund privately-held land contracts, whether owner financed or institutionally-originated, in as little as 15 business days with no hassles and no commissions. Please review our Purchase Criteria and Land Contract Buying Process.
As one of the leading land contract buyers, we work with direct land contract holders and/or note brokers in all fifty states. If you need to find an experienced land contract buyer to buy your land contract or land contracts, we are ready to assist.
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