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10 Tips for Buying Land, Best & Worst Practices | Bob Vila

10 Tips for Buying Land, Best & Worst Practices | Bob Vila
LIVE WELL - BUY RODWELL
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10 Best Tips for Buying Land

 

DON’T expect a conventional loan when buying land.

Banks and lending companies shy away from loaning money for bare land and lots because they can’t sell those loans on the secondary mortgage market to financial entities such as Fannie Mae. If the bank can’t sell your loan, they can’t recoup their money, which means the bank is at risk if you decide to walk away. To reduce the risk, some lenders may require a large down payment, up to 50 percent of the purchase price, but others may completely refuse to lend money for bare land. You may need cash to buy the land, or you might be able to negotiate a deal for seller financing, sometimes known as a “land contract,” which means the seller will often let you pay off the land in installment payments.

10 Best Tips for Buying Land

Source: 10 Tips for Buying Land, Best & Worst Practices | Bob Vila

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Rodwell Smith

Ever since I can remember, I was always fascinated with my Dad’s and Grandfather’s proficiency very fervently. They could start with a bare piece of land and create a structure for a most appreciative owner to live a better life. RodwellBuildingServices is the career achievement I'm most proud of now. Especially since it started from full utilization of my know-how, every bit of skills and technical capabilities. My life has come full circle to my fathers' as I start with any under improved property and make it into your dream. My niche in the real estate industry is constructed-to-order real estate transactions are my life of services and daily adventures in and around the capital of the free world. RodwellBuildingServices™ benefits keenly customized property sellers, buyers, and users in Washington, DC and up to 50 miles around Maryland and Northern Virginia. We speak to our customers as a Property Improvement and Modernization Builder/Realtor expert. If we haven't provided you with “the real services and the right property for your order,” at any time up to 5 years - we will sell it back from you and help you with a more custom fit.

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