Marker Icon 5.pngMarker Icon 16.pngMarker Icon 7.png.bilMarker Icon 14.pngMarker Icon 18.pngMarker Icon 1.pngMarker Icon 24.pngMarker Icon 7.pngMarker Icon 13.pngMarker Icon 8.png.oriMarker Icon 10.pngMarker Icon 12.pngMarker Icon 17.pngMarker Icon favicon.pngMarker Icon 7.png.or1Marker Icon 9.pngMarker Icon 19.pngMarker Icon 4.pngMarker Icon 22.pngMarker Icon 2.pngMarker Icon 3.pngMarker Icon center.png.bilMarker Icon 6.pngMarker Icon 0.pngMarker Icon 23.pngMarker Icon center.pngMarker Icon 6.png.oriMarker Icon 15.pngMarker Icon shadow.pngMarker Icon 25.pngMarker Icon 8.pngMarker Icon 11.pngMarker Icon center.png.oriMarker Icon 20.pngMarker Icon 21.png
Northwoods Realty - Coldwell Banker Mulleady Realtors - Michigan Upper Peninsula, and Northern Wisconsin Real Estate MLS Listings - Eagle River, Manitowish Waters, Minocqua, & Rhinelander

Member Log-in | New to CBNorthwoods.com? - Sign Up (Optional)
Agent Log-in (Optional)

31st YEAR ANNIVERSARY!

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.

expertise at your service

 

Contact Us

Minocqua
715-356-4457
Rhinelander
715-369-1223
Eagle River Office
715-479-1774
Manitowish Waters
715-543-8900

mulleady realtors can help

 

Discuss Market Data

Find Unlisted Opportunities

learn the value of your home

 

Request a Comparative Market Analysis

home buyers guide

 

Our free publication for northern Wisconsin properties. Submit an online request to receive your copy in the mail or stop by any office location to pick one up. Please send my Home Buyers Guide in the mail.

Mulleady Realtors Home Buyers Guide

Coldwell Banker, Mulleady, Inc., REALTORS®

Minocqua Rhinelander Eagle River Manitowish Waters
8262 Hwy 51 South 601 Lincoln Street 226 West Pine Street 139 West Highway W
Minocqua, Wisconsin 54548 Rhinelander, Wisconsin 54501 Eagle River, Wisconsin 54521 Manitowish Waters, Wisconsin 54545
Toll Free: (800) 472-3410 Toll Free: (800) 472-7334 Toll Free: (800) 282-1774 Toll Free: (800) 433-9494

COLDWELL BANKER® is a licensed trademark of Coldwell Banker Real Estate Corporation.
© 2014 COLDWELL BANKER® Mulleady Inc., REALTORS® | Terms of Use | Privacy Policy