Owner financed land for sale near me

Buying owner financed land

Owner financing is a real estate financing option where buyers make direct payments to sellers with no involvement from a bank or financial institution. This agreement frequently takes the form of a promissory note or land contract. Typically, the buyer will make monthly payments to the seller which includes the property taxes.

Owner financing can simplify the land buying process and allow transactions to happen that wouldn't be possible through conventional means of financing. The closing process can also be faster and cheaper. Seller financing terms often involve a higher interest rate and down payment than with a traditional mortgage.