Owner Financing explained
How does our Owner Financing program work?
The Buyer, (you) put down a small down payment. (most of our properties require 3%). The Seller (us) accepts the down payment, provides an owner finance contract for you to sign, and a direct loan to you for the purchase price minus the down payment. Monthly payments are usually 1% of the purchase price. You now have the property, and there were no lenders or banks involved. Simple and uncomplicated! We are happy to offer owner financing with no banks, no extensive paperwork, and no credit checks. We think you'll find that Owner financing is the most practical way to purchase the lake property you want.By paying the down payment you are automatically approved for owner financing. No credit check, no income verification, no checking of references. The only information we require is name, address, phone number and email address.
You may already know that most owner financing programs involve a "Contract for Deed". The contract shows the rate of interest and date of final payment when the Contract for Deed must be paid in full. With Contract for deed, the buyer will receive the property deed Only After the Final Payment!
Ours is a three year delayed closing, which means that instead of having to wait until the loan is totally paid off, the deed is transferred after the payments have been made for three years. There is NO BALLOON PAYMENT, the payments continue at the same rate for the duration of your loan term.
Your loan will be carried at 9% interest for a period of approximately 15 years. There is no prepayment penalty for paying off the loan early.
Who is responsible for real estate taxes and homeowner's insurance?
The Buyer is responsible for property taxes form the date of the contract. Generally, taxes on unimproved property here in Cedar County are very inexpensive - usually about $30 a year for five acres. You'll receive an invoice for the taxes in January.
Our owner financing program makes it easy to own your own lake acreage.
Feel free to ask any questions you may have. We'll be glad to answer them by phone or by email. Once you've decided on the property you want to buy, we will meet with you, show you the property, accept the stated down payment, provide a contract to sign, and that's it. . . No hassle. You're free to start enjoying your very own "near the lake" property!
If you would like to check our references, here are a few of the nice things that people say about us. . . and please contact us with any questions. We look forward to doing business with you!
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