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Mary King

Mary King
Coldwell Banker Village Green
Windham, NY 12496

518.622.9358 H. Office
518.734.4200x100 Office
518.965.0600 Cell

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*Top 6% all Worldwide Coldwell Banker agents
Visit my Facebook page at www.facebook.com/windhamnewyorkhomes

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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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Mary King,ABR,GRI,RSPS,SRS
NY State Lic. Associate Real Estate Broker
Facebook page: www.facebook.com/windhamnewyorkhomes
www.villagegreenrealty.com

TOP PRODUCER Windham office, 2016
Phone: Cell:518.965.0600 or Home:518-622-9358
Office: 518.734.4200x100

Coldwell Banker International Presidents Circle 
(Top 6% total international Coldwell Banker Agents)

Email:maryking285@gmail.com
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"If you are not using Mary King you are wasting your time, money and energy. We lost 3 years with other brokers before hiring Mary and once we did, house was SOLD. As soon as she put it on the market, she was able to get showings. Mary patiently walked us though the right price, what improvements to make and was very fair yet firm about what sells in the area. Highly recommended!" trandesfirescu
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