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.