Bypassing the bank or any financial institution when looking for land to buy is possible with owner financed land. Here, the financing option will be provided by the land owner and according to their terms.
Here are five things to remember when browsing for owner financed houses online.
Start with Reputable Websites
The first step to finding owner financed lands is to determine which area or region you want to live in, then enter that on search engines. A good example is owner financing Alaska or the state you want in the US.
Ask Your Contact and Social Network
It wouldn’t hurt to ask around social media to see if someone you know has a land or house they’d like to sell. The owner will be likely to agree or even change the terms in your favor. You might even find a reputable real estate agent who can help you in your home-hunting journey.
Understand Different Types of Owner Financed Lands
A property can have several variations depending on the previous owner, e.g., you could find an owner financed land with cabin if that’s your preference. Since a land or property is a significant investment it helps to do some research before you hunt for your ideal house.
Verify and Explore Listings
You can find owner financed lands in the usual real estate channels as well as other platforms, but it helps to verify the listing and see if it’s true. Don’t be afraid to browse through the most popular and established websites to find possible property purchases, and call or message them for any questions or concerns.
Check the Required Paperwork
Last but not least, don’t forget to prepare the paperwork for selling land by owner. These might be slightly different compared to bank financed loans or mortgages, so ask or gather the information online.