Understanding The Basics of Owner Financed Land Arizonaby Owner Financed Land The Owner Terms Land Network
Owner financing is a very common concept in Arizona. Owner financing is actually a real estate purchase structure which has really come into the forefront of buying and selling in a buyer’s market in Arizona. However, there are many real estate customers who have not enough knowledge about owner financed land.
In most cases the buyers, sellers and even real estate professionals are usually unfamiliar with the term and the types of contracts involved. Remember structuring owner financed land Arizona deals works for all types of real estate transactions big and small, home or commercial buildings.
During the owner financing process, the entire part of the agreed upon purchase amount is held by the seller. Customers dealing with owner financed land Arizona are recommended to look at it in the terms of a bank, the seller is holding the financing in the same way a bank would.
The seller actually receives the monthly payments based on an agreed upon rate and term with a future balloon date for full pay off. This type of real estate transactions is very common in a buyer's market like people are seeing now, and even more common now that lenders have tighten their underwriting guidelines and or have completely stopped lending.
These sets of circumstances have created a smaller buyers pool, however the amount of property owners that still want and need to sell is still there. Owner financed land in Arizona can be a great way to bridge the gap between buyers and sellers.
The issue on submitting a down payment on the owner financed land contract is always a tricky one. From the sellers stand point they usually want as much down payment as possible. This is because, if the buyer has some "skin in the game" they are less likely to walk away from the property and contract.
Created on Jan 31st 2018 02:31. Viewed 279 times.