Sharon Bishop
Sharon Bishop
Broker/Owner

Bishop Real Estate Services
Greenville, SC 29615

864-608-3237
Contact Me

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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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Sharon Campbell- Bishop | 864-608-3237 | Contact Me
Greenville, SC 29615
Copyright © 2017, All Rights Reserved

"My wife and I met Sharon on our first trip to Greenville while searching out neighborhoods to relocate. Sharon helped us by explaining each of the areas in regards to building, real estate costs, schools, etc. The help she provided allowed us to focus our search from abroad. On our second trip to the area, we had only 2 days to see 10+ houses. She coordinated showing all of the houses on our list! We found a gorgeous home in the Carolina Country Club. Sharon helped with Arborist Inspection, General Home Inspection, negotiating a better price on the home, all with our better interests at heart. Her hard work ethic and kind professionalism is outstanding! This is our 3rd home and we could not be happier here. Thank you again Sharon!"

Local Realtor and Broker from the Upstate of South Carolina

 

We are a Locally Owned and Operated Real Estate Company in the Greenville Upstate Market Representing Home Sellers and Home Buyers in Greenville County. 

Our Experience

We Have over 20 Years of Experience having represented First-Time Buyers, Relocation Buyers, Empty Nesters, Retirees to the Upstate, Move-Up Buyers, those Selling a Resell Home. We've Represented Engineers, Physians, Accountants, Sales Associates, Professors, Nurses, Teachers, Authors, Business Owners, Home Builders, Medical Office, HR Managers, Fortune 500 Company Associates, and More.

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