Financing your purchase can be accomplished in several ways:
Sometimes (and especially on land) the seller will finance the purchase (contract sale) and after a down payment, the purchaser pays the seller a certain amount monthly or yearly - and there can be a balloon payment, a due on transfer clause, fixed interest or variable interest, or a release of a portion of the land. Many options are available. Many times a note or mortgage is used in lieu of a contract.
Credit Unions are a good source of financing for bare land or homes with land, as are some rural banks, farm financial organizations, or money obtained from private investors. We keep current on these sources.
For most homes - banks, mortgage companies and credit unions offer financing with different institutions specializing in specific types of properties and mortgages. If you wish, we can assist you in contacting the institution best suited for your needs.
Some have cash from the sale of other properties, or have saved mony for the purchase. Many times the potential purchaser has sold (or has a sale pending). Acquiring replacement property has a definite time priority with definite provisions. IN such cases, we help facilitate a deferred tax exchange with qualified intermediary. The 1031 Tax Deferred Exchange has many facets, but has become a popular method of deferring taxes. It is widely used for both large and small transactions, and we need to address the exchange in the written agreement.
All information on this website is deemed to be reliable, but is not guaranteed. Contact your REALTORŪ to verify the accuracy of all information.
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