Did you pay the vendor to 100% for a property? Or you can use the funding?

I’m planning a vacant plot of land, which is for residential use zones to buy. Let’s say that is worth $ 15k. I have to save up $ 15k of my own money to buy the land? Where can I get funding for them to pay a bank, even if I was buying an apartment or a house? And if so, the interest on a loan at a plot, and the price of a condo / house? With terms like (ie – 15 years, 30 year loan, etc.). Or things would be different because the credit would be much weaker as you get ready for a condo / house

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Finance

This entry was posted by admin on June 11, 2011 at 3:49 pm, and is filed under finance. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

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#1 written by Vegan 8 months ago

Unless the seller is providing the financing, they don’t care how you pay.

The seller gets the money at closing.

The rates are higher as it won’t be a mortgage, and they typically have different terms. It depends on the lender.

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#2 written by rexallen 8 months ago

Any time land is sold, there must be a title/or deed involved. For the current owner to be assured he will receive full payment for what he is selling the land for, there is usually either a negitiated down with a promise to pay xxx amount until the note is paid in full. Owners have the absolute right to ask 100% of the asking price upfront. It is up to the prospevtive buyer to then seek that amount from some lending institution. You will then have to offer the land title up for collateral until the loan is paid off. . If you default on the loan, the note holder gains the title, but the original owner has alreadt received his asking price, so he is then no longer a factor.

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#3 written by jseah114 8 months ago

You can get financing, but it would be secured financing and the loan would be secured on the land, so if you fail to make the payments, the bank would take the land.

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