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KIM STORY
Story Real Estate
OWNER/BROKER/REALTOR 
®
714 E. Milam
Mexia, TX 76667
Phone: 254-562-6617
Fax: 254-562-6977
Toll Free:  1-866-930-KimS (5467)
Cell:  903-388-8826
Website:  Http://kimstorysold.com
Email: kim@kimstorysold.com

Mollie McCoslin, Realtor ®
Cell: 903-388-2002
EMail:  mollie@kimstorysold.com

Lance Story, Realtor ®
Cell:  903-388-1777
Email:  Lance@kimstorysold.com

Judy Chilcoat, Realtor ®
Cell:  512-680-4480
Email:  Judy@kimstorysold.com

Lois Ferguson, Realtor ®
254-744-2878
Email:  Lois@kimstorysold.com

Christi Shivers, Realtor ®
Cell:  254-625-1895
Email:  Christishivers@kimstorysold.com

Kathy McSwane, Realtor ®
Cell:  903-388-2024
Email:  Kathy@kimstorysold.com

The Greatest Compliment We Can Receive Is A Referral Of Our Real Estate Services To Your Family & Friends!

 
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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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