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Diane Fowler
Captain Diane Fowler
CRS, GRI, e-PRO
Licensed in IL 1977

239-850-4935
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Land Contract

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.

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Captain Diane Fowler
CRS, GRI, e-PRO
Licensed in IL 1977
Phone: 239-850-4935
Email: dianeflr@AOL.COM
 

Testimonials Page

Over the years, I have worked with many Realtors; but Diane stands out! She knows her market, loves her job & it shows. Her blatantly honest comments kept me entertained and informed. We loved her FREE Boat Tour! Such a unique city - you need a Captain like her to fill you in on all recent changes. She is a tough negotiator - got us a better price on the vacant lot than we thought AND introduced us to a quality builder who is getting ready to build our dream home. We highly recommend her! Roxanne & Robert Bruegging
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