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Easy Seller Financing

Buy Land Without the Bank

  Imagine being able to buy the land of your dreams right away – a patch of land overlooking the Pacific Ocean, a home site perched on the dunes with the roar of the waves in the background, a campsite surrounded by tall evergreens.

   You can with Seller Financing. Also known as seller contract, real estate contract, seller carry-back, deed of trust, land contract and so on, it’s a simple way to buy property and it’s been around for generations.

  With seller financing, you’ll be able to buy at Ocean Shores without the bother of having to get a bank loan or borrowing against your home. Basically, the land seller is your bank.

  Here are the advantages:  

No loan fees, no high interest rates, no points or discounts to pay, no appraisal fees, no extra title insurance costs, no 4 page loan applications, no lender or underwriter delays, no extra fuss – just pick out your property and close quick.

  How does a Seller Contract work?

It’s just like a bank, only a lot less complicated.  Pay a small down payment – generally about 15 to 20 percent of the total price and make monthly payments to the seller, often at a below-market interest rate. When the seller is paid off, you receive full ownership and a clear deed.

  For example:  

Let’s say you’re buying a parcel of land for $30,000. The down payment is $5,000, or about 17% of the price;

You would then owe the seller a balance of $25,000, payable at $290 monthly, including 7% annual interest.

Your total closing costs would be around $450.  Compare that with a typical bank loan with closing costs possibly in the thousands of dollars.

Best of all, you don’t have any penalty for an early payoff of the balance.

Not all Ocean Shores land is available with seller financing, but many are and we can help you find the best buys in town, at the best rates.