First of all, we are licensed real estate brokers, and we are also the sellers. You would be making your payments directly to us.
Land Contract financing is available on all parcels offered for sale. In most cases our down payment is only $1,000.00, with monthly payments figured at least on a 12 year amortization (if not longer) at 11 percent fixed simple interest, no balloon payments and no penalty for early pay off. We will be glad to give you the exact amortization time frame. Your monthly payments can be adjusted to meet your financial requirements. Should you desire to put more money down than the minimum required, that is acceptable as well. We will accept cash for the down payment but prefer a check. A personal check, or cashier/money order check is required for all monthly payments, we will not accept cash for a monthly payment.
There is a 15 day grace period on our land contracts, should your payment arrive 16 days or later past the due date, you will be charged a $20.00 late fee. Should you bounce a check, we do not run the check through a second time, it is returned to you and you are required to replace the bounced check with a cashiers/money order check, along with a $40.00 NSF charge. By the time the check is returned to us by the bank and then returned to our customer, typically the payment is 16 days or more past the due date, which results in an additional $30.00 charge. So the total cost for bouncing a check can run as much as $70.00.