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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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Lothair Lambrecht, Realtor®
Realty Executives Integrity

13005 W. Bluemound Rd
Brookfield, WI 53005
Direct: 262-993-7098
Email: LGL65@execpc.com

Testimonials Page

Lothair was great! He helped us in a tough buyers market. He listed to our long list of wants and worked to find us the perfect match. He is one of the best realtors in WI. Brandon L
"Lothair is awesome! I have worked with him before and am always glad that I do! " 5/9/2018 Kelly D
"Everything that was talked about and committed to was executed. Friendly and informative. Answered every question and provided a great outcome. Thank you ..." 5/10/2018 - Bruce M
"We were very comfortable and at ease with Lothair especially considering the fact that we bought the house 'sight unseen'. He was always available an..." 6/28/2018 Heath B
"Lothair was cool calm and collected when two offers fell thru on the sale of our home. We had a very emotional and stressful journey in buying and sel..." 7/31/2018 - Katie C
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Lothair Lambrecht | Realty Executives Integrity | Direct: 262-993-7098 | LGL65@execpc.com
13005 W. Bluemound Rd Brookfield, WI 53005
Copyright © 2015. Lothair Lambrecht, All Rights Reserved