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· Registered
1,966 Posts
I agree it's high but not outrageous by any means. 4% is available IF you've got the credit, history, down payment, and collateral.

If i was the lender and someone was looking to buy vacant land with $0 down, no/poor credit, etc. i don't think 10% offsets the risks i would be taking. Its still vacant land and if they can't afford a down payment, what are the odds they can afford a dwelling, well, septic, utilities, etc.
12% is the point after which it becomes illegal in my state if you are not a registered banking institution or lender. 10% is high to me.

· Registered
3,976 Posts
If it is their land, my gut instinct is it is like these used car places that insist you make weekly payments, they aren't there the day the payment is due so they can repossess your car and sell it to the next sucker.
This does happen......
In a different life time...worked wit 2 brothers that came from Yugoslavia...old day before the trouble.
Both work in out shop.
They would stay in a room over their Uncle's bar...and help out for free rooms.

Saved all their money....then they bought duplexes......and sold them.....
They financed the money down...but had a very large balloon payment in the third year.
Most everyone couldn't make that they would get it back and sell it again.
Both bought bars kinda hide their money....and also ran an imports business.

Point is....this stuff happens all the time...and is legal.....and as long as you make the payments on time...It will become yours ...just take awhile.

Actually bought my second land parcel at "The Place"....under a land contract....and at the end of the contract received a letter from the seller...telling me I had satisfied the contract...and was done paying.
We had a spread sheet...both of us... and seemed that I still had a year and about $1300 buck left.
So.....what to do?
I had asked to pay it off early...but the guy didn't want me too?

Sooo, called my lawyer and had him take care of the details...Yup was paid...???.....and did get a clear title signed off on...and logged it to the county.

In the back of my mind was 14 years of payments....a loosing out for default on a payment.
Cost me $150 bucks of for well spent money....
I do not like leaving these things to chance.

· If I need a Shelter
19,689 Posts
Well around here Owner Financing is normal and it is 9%.

That is the way we bought our place, still owe 5 years. Bought a pretty nice Farm Owner Finance off a member of this Forum.

Also buy for Back Taxes. Got a place down the road, Back Taxes $450. We bought one place $1,000.

big rockpile
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· Registered
1,404 Posts
This company sells property with a small down payment and monthly payments. Now they sell to anyone so normally the property is sold multiple times until someone finally follows through with actually paying for it. Most of the properties are wooded/having been "selectively" cut. You just need to check the property out very well before you sign on the dotted line.
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