How do I go about owner financing my land?
I want to Owner Finance my 1 acre of land. What would be the ideal way to do this? An individual told me to perhaps go though a bank and they hold the deed and if they default the payments it would be transferred back to me. A person with good information would be a excellent aid. I do not know something considerably about this.

Thanks

Answer by Glenn S
You make an agreement with the buyer. He agrees to put a certain quantity as down payment. Both of you agree on the terms…..percentage rate of the loan and for how lengthy. Do a note and Deed of Trust. Any escrow office will set up all the paperwork and record the transaction with the county recorder. I would suggest that you pay the additional fee to be notified if the property taxes become delinquent.

In todays marketplace, at least 25% down, 5%-6% interest rate amortized over 10 years and all due and payable if the buyer sells the property. That is a standard kind owner carry agreement.

If your like throwing away money have a lawyer do the paper work for you…..He’ll charge you $ 500 to $ 1000 and then have his secretary print up the exact same document an escrow officer would use and charge you much less than $ 100. No buyer with any sense would ever buy any real estate on a land contract simply because of the prospective fraud that often accompanies them. It is the non-expert that are the ones that get burned with a land contract.

Answer by frak1a12345
Given that you are not a expert, I would do a land contract rather than a deed transfer. That indicates that you do not transfer ownership of the property until the loan is paid off. It will support in the event of a default by the borrower. I would get as significant a payment as possible–25% is a excellent down payment. You will certainly need a lawyer to advise you so don’t try to save a few hundred dollars by not using one. Very good luck!

How do you verify that a private cash lender for real estate financing is a legitimate enterprise not a scam?
When dealing with a conventional bank there’s no question that you are dealing with a legitimate enterprise. When you turn to private capital to finance a loan how do you go about verifying that the lender in question is not a con artist and that they are a legitimate lender?

Answer by Mike
ask the lender to present you AUDITED PROOF that they have the capital accessible, and also ask for their Dun and Bradstreet rating. Honest real lenders, even private capital holders, will be glad to prove to you they have the capital they are providing.

Answer by reenzz
You can also call your neighborhood District Attorney’s office. They will let you know if they are licensed with the state.

Answer by Ed Atun
There are only two possible approaches.

Call references and hope that they are telling you the truth.

Demand that the entire sum be placed in a neutral place (escrow) one week ahead of you want it. Then you can be guaranteed that it exists. You would have to pay interest for that week, but it would be worth it.

1 of the greatest private lenders in Phoenix had 18 loans waiting to be funded when they closed their doors. No advance notice. All the buyers had their earnest funds at risk.

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You want to purchase Owner Financed land regrettably, the ongoing credit crunch makes being approved for a conventional loan daunting at very best. If you are self employed or on fixed income, or have had a bankruptcy or past foreclosure, you can qualify for our Owner Finance program. If you have at least 5% to 10% down and can afford monthly payments, you are approved!

So what are you waiting for? View our offered homes at http://www.AustinOwnerFinancedHomes.com, and if you are specifically looking for land, register to our program and we will uncover properties for you based on your search criteria! It is that basic!

I am seeking for the web site of my mobile home finance co, Greentree and cannot uncover it. Aid!?
Greentree filed bankruptcy at one time and the loan was sold to Conseco, but now is back to Greentree. I have lost my statement for this month and need to have the address. My origiginal loan papers have no contact information for Greentree.

Answer by dinosf
GreenTree Finance
Address:
800 Landmark Towers
St. Paul Minnesota 55102
U.S.A.
Phone Number:
800-643-0202

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