Wilderness Realty makes this most sincere wish to all our friends during the Holiday Season!
Looking forward to a busy 2010. We have some exciting properties in the pipeline along with our newly approved Burnt Jacket Shores at Moosehead Lake project; located in Maine’s vast wilderness interior.
Landowner in Central Maine is putting the final touches on oversized 20+/- acre homesites. These properties are nicely wooded and are located in a sparsely developed area with light traffic. There is paved town road frontage with power and phone available at roadside.
The properties are conveniently located near Waterville, Newport, Pittsfield and Belfast. This is rural living at its finest.
Reservations are being taken on a first come first serve basis. The “Strike Price” is in the $30K range. Showings are a must. Call Wilderness Realty @ 207-947-7957 to make an appointment.
The number of sites available is extremely limited. This is a great opportunity to beat the market rush and have first “dibs” on some choice properties in a very desirable area of Maine.
Generally there are two types of owner financing available to buyers of land. The first is contract for deed or “rent to own”. The most notable distinction regarding this financing instrument is that title does not pass to the purchaser until the financing obligations of the contract are fulfilled. Any improvements to the land made by the purchaser are to the benefit of the title holder, the seller.
The other financing method is the amortization mortgage loan. Usually a deposit is required and the remaining balance is paid on a periodic basis according to an amortization schedule. Payments are generally applied to interest first and then principle. Early in the schedule most of the periodic payment goes towards interest. Later in the schedule more and more of the payment goes towards the principle. Title passes to the buyer and the buyer conveys a security interest to the seller via a mortgage. As long as the buyer makes the payments according the attendant promissory note, title remains as the buyer’s. If the buyer defaults on the payments, then mechanisms in the mortgage are triggered and the property is foreclosed; title goes back to the seller.
Any improvements by the buyer are to the benefit of the buyer, the title holder. This is an important concept for those land buyers who want to build on their property before the scheduled payoff.
Currently, all of Wilderness Realty’s land listings can be financed by the amortization mortgage loan method.
When buying land, seriously consider using the owner as a lender. Under the current financial crisis, most banks and other traditional lending institutions are not loaning out money for raw land purchases. Those that do lend have strict requirements which can be costly such as a high down payment, points, origination fees, appraisal fees, title insurance fees etc.
Most owner financing deals are simple and straightforward. Generally the only costs are legal fees needed to draft the appropriate documents. An initial down payment at closing is usually the only requirement.
Using the owner as a lender is also a good way to own a piece of land without paying the full price up front. This allows the new owner to use his or her capital to make improvements which generally adds value to land.
Wilderness Realty specializes in land sales and represents owners who offer owner financing. Call 207-947-7957 for details regarding owner financing packages for our various listings. This is a great way to be a landowner NOW and enjoy your investment for a longer period of time AND during the prime years of your life.