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Land Contract

An alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations.

A land contract can be helpful for those who need time to establish or improve their credit rating. There are only small closing costs, and payment can help establish a good mortgage payment record. This can help establish an overall good credit rating, and it is possible for the buyer to later refinance the land contract with a conforming loan.

On the other hand, there are risks associated with land contracts. Land contract purchases are not necessarily recorded in the public record, and there are no guarantees that the seller will be able to transfer a clear title to the buyer upon fulfillment of the land contract. There also is no lender assuring that the purchase price for the property is justified, and no inspection of the property’s condition.

Another alternative to a non-conforming loan is assuming the seller’s mortgage. By assuming a mortgage, if the mortgage is assumable, it is possible to save on closing costs, and may allow you to obtain a favorable interest rate.

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SALLIE CHESTER, REALTOR®
EXIT Real Estate Consultants
5175 Sunset Blvd, Ste 3
Lexington, SC 29072
Phone: 803-707-8595
Fax:  803-358-0889
Email: salliechester@exitrec.com

Client Testimonials

What a positive experience working with Sallie to sell our lake home!  She was kind, hard working, kept us informed, a problem solver and great person.  I would highly recommend her!! L. Davis ~ Nov, 2018
We started looking around the Lake Murray area in October of 2017 with very little information about the area as far as neighborhoods went. We were referred by a friend to Sallie Chester after starting with another REALTOR. Sallie was very knowledgeable and knew the lake well.  She was professional and absolutely one of the nicest people we’ve been around. After one year of looking, we found the perfect home for us; it was exactly what we wanted. Sallie was never pushy or impatient; she was willing to meet us anytime we needed, usually on a quick notice. What a blessing it was to find her! Thank you Sallie. Keith and Dawn B ~ Nov, 2018
“We enjoyed working with Sallie!  She was fair and honest with us and really knows the area. She has a nice and professional attitude which made the process easy!” Dave and Tamara M ~ Nov, 2018
Sallie Chester helped us look for our perfect lake home on and off for four years. She would point out issues with homes that sometimes we did not notice. We never felt pressured by her to buy a home. When we finally found the home we wanted and issues arose, Sallie worked diligently to help resolve them. Whenever we had questions, Sallie was always available to answer them. If anyone asks for a reputable REALTOR, I would urge them to use Sallie Chester. Tricia and Tim G. ~August 2018
Sallie Chester was referred to us, by Carolina One Realty. She is a personable, hardworking REALTOR that shares her faith. Sallie is quite a negotiator with her clients needs in her heart. Burnette and Ken W. ~August 2018
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