Are you interested in buying land for sale in Harlingen? Customarily, the property buying process involves applying for loans at a bank that covers the cost of the land.
Luckily SCR Land offers seller financing which gives buyers more mortgage loan options. This is beneficial for buyers who are unable to take out a loan from a bank, or for those who want to avoid banks altogether.
The team at SRC Land recommends potential buyers be knowledgeable about the home selling process and financing options, such as seller financing. We are happy to provide you with the information you need on seller financing in order to make the best decision for yourself.
About Seller Financing
Seller financing is a modern financial mortgage agreement with very similar structure to traditional loans from banks or any financial institution.
When you use seller financing to buy property, essentially the seller, SRC Land, becomes the lender instead of a bank or any other financial institution. This type of real estate financing permits the buyer to make payments directly to the seller instead of a traditional mortgage loan from a bank.
Like a traditional loan, the buyer and seller sign a written promissory note that states the financial terms such as interest, payment installments, payment schedule, and repercussion of late or no payment.
The deed is then filed with the county where the property is located which then makes a lien on the property as security for the seller. Then the buyer pays back the seller in accordance with the terms of the promissory note.
When you take the seller financing route, you completely cut out the third-party lender. The agreement is solely handled by the buyer and the seller. As a result, your debt is overseen by the seller, and not available to banks or other financial institutions. This also eliminates the transfer of funds since it is a written agreement between the two parties.
Advantages of Seller Financing
Seller financing provides advantages that can benefit the buyer in making their dream of owning property a reality. A few of the major advantages of using a seller financing agreement include:
- Providing an additional option for those who don’t qualify for a loan from a bank.
- They buyer and seller can create their own flexible agreement in regard to making payments, interests and terms agreed upon.
- The sale process is quick and you will have your new property sooner.
- It’s a great option for people with poor credit.
- There are few to no closing costs.
The Team at SRC Land Would Like Inform Future Property Owners on How They Can Benefit From Seller Financing
If you are aspiring to become a property owner, check out our land for sale in Harlingen. SRC Land provides seller-financed properties that are accessible to anyone who is ready to take on a new chapter filled with new beginnings.
For over 20 years, SRC Land has been assisting anyone with a goal to own property successfully accomplish it.