Interested in financing a land purchase using seller financing? Great! Wilco offers seller financing on virtually all of the property we sell. This enables everyday folks the opportunity to afford property that might otherwise be out of their budget.
BUT – it is a financial commitment, and for some people, that’s a scary thought!
In this video, Kevin (the head of finance at Wilco) and Tom take the mystery out of seller financing and give tips on what to do if you get behind on your land payments!
Summary of tips to keep your land if you get behind on payments:
1. Tap other sources of money (e.g., credit cards, short-term loans, etc.)
2. Ask your friends, family, and others who may benefit from the land
3. Leverage your 401(k)
4. At the end of the day, the most important this is to stay in contact with us! We can work with you, but only if you keep us in the loop!
We hope this helps!
Everyone’s situation is different, so please make sure to discuss your options with a trusted financial advisor before you make your moves.
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