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

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

Rodwell Smith and RodwellBuildingServices, Inc., has over 35 years of progressively responsible experience developing and modernizing real estates for individuals, corporate and government entities. Rodwell has sold and procured over $270M real property improvements; managing the projects from selection, inception, through design, through construction; quality assurance, surveying quantity, turnaround delays and augmenting progression to completion. RodwellBuildingServices™ benefits keen real property sellers, buyers and users in Washington, DC and up to 50 miles around Maryland and Northern Virginia with the real services and the right property for their order!

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