We recognize that not everyone has enough money saved to purchase our properties with cash up front. Unfortunately, it's rare for banks to lend on vacant land. With this in mind, we do our best to offer seller financing options for as many of our properties as possible. We won't make you go through an application, check your credit, or do a background check. The process is fairly simple.
All of our seller financing transactions will be closed through a title company or attorney. The buyer will pay all closing costs, which usually total $500-$1,000 dollars, depending on whether or not title insurance is purchased. The title company will prepare the loan documentation and the deed.
A down payment is required for every purchase utilizing seller financing. This shows us that you are serious. It also reduces a portion of our risk. The buyer will hand over the down payment to the title company during the closing meeting. The title company will then deliver the down payment to us.
Once the buyer has closed on the transaction and is in possession of the property, monthly payment will be made directly to Solitude Properties. These payments will ideally be made through electronic services including Paypal, Venmo, Zelle, or ACH. Checks will be accepted in emergency situations.
The buyer now owns the property and will have a legally binding loan that will be backed by the property itself. That means that the property will be taken back into our possession if the buyer defaults on the loan by not making monthly payments. We aren't in this business to take back your property, so please please please only use seller financing if you know with certainty that you can service the loan.