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Selling your VACANT LAND--Do you know the financing options for your buyer?

There are a few financing options for someone looking to buy your VACANT LAND.

First there is always the cash option but in today's economy that is not likely, and even builders will use some form of financing.

Second is the OWNER FINANCING OPTION. This is sometimes a good option and can get you more money in your pocket but you also have this of having to repossess the property which can be messy to say the least.

Third of is a straight LAND LOAN. This is the cleanest for of financing for land. It can be very fast and the deposit requires is usually only between 20% to 30%. Bank takes all the risk.

Fourth option is a CONSTRUCTION LOAN W/LAND PURCHASE. This is a time consuming loan and requires APPROVALS TO BUILD.

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Posted by Thomas Santore-Realtor®-ABR-Land Seller Westchester-Putnam County Real Estate on 09/18/2008 09:30 AM

Comments (3)

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3 Comments on Selling your VACANT LAND--Do you know the financing options for your buyer?

SEP

2008

Thomas- this is great information. It's amazing how much the land purchasing options have changed in my area.

SEP

2008

Tom, Nice post, but isn't seller financing still number one for land sales? Even developers prefer it so that they have more flexibility as to "when" they have to start their development. Bank financing is difficult to get and the bank is really interested in getting their money back post-haste.

Bill Roberts

It's a great option, but in today's market you could wind up taking the property back which can be cumbersome.

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