Getting hold of the best website for land sale options in the country can be a bit challenging. Whether you are on the lookout for selling land for making more investments or for the sake of accumulating some money, there are several property websites that can help you in getting your job done in a very short span of time.
There are basically two types of websites that can be used for getting the best options for the sale of property and these include agency-specific sites and search engines. The search engines, specifically aimed towards real estate sales and investments, display different options put up for sale by brokers and owners. These sites also come with different resources and tools for helping the sellers in making informed decisions. These sites generally have a great database of land sale options, connecting users with the company’s very own partner agents and realtors. Here, we are presenting two top websites that can prove to be useful when it comes to getting different options of land sale in the country.
LoopNet
This site allows users to search for commercial properties available for lease and for sale. It maintains an extensive inventory of properties worth investing. Additionally, it allows users to search its huge inventory without going through any hassle. There are various other features of this site that makes it useful for the property buyers and sellers at the same time.
The site gives property sellers the option of searching sales comparisons in the area where they are looking to sell their property. Another important feature of this site is that it enables the property buyers to search for property records in targeted areas. It also features a local information section offering detailed information about properties or land available for sale.
Auction.com
As the name suggests, this is an auction site that offers landowners the option of placing their properties on auction and getting them sold at relatively higher prices. The site auctions almost all the different varieties of property like commercial, residential, luxury, REOs, foreclosures, short sales, new construction, land, luxury property, and notes. Auctions generally take place online, in courtrooms, in meeting halls, or on-site locally.
Apart from the above-mentioned websites considered best for land sale options in the country, there are other sites that work out well for the same purpose. If you are not satisfied with the land sale options in the available on these websites, then you can refer to sites like Craigslist, Realtor.com, Trulia, and PropertyShark to get a better deal.
A reverse mortgage is a type of loan that allows homeowners to receive payments on their house as opposed to them making payments to the lender. At first glance, this option seems too good to be true. But, before committing to it, there are some nitty-gritty details that people must consider when opting for this type of financing. So, here is some information regarding the pros and cons to consider when getting a reverse mortgage.
Advantages
Disadvantages
A reverse mortgage is a loan that allows individuals older than 62 to improve their financial well-being. They can convert part of their home equity into lump sum cash, fixed monthly payments, or line of credit, according to their preference. The money can be used to pay for medical bills, in emergencies, or to pay off a mortgage. Here’s what you should know about reverse mortgages in case you’re looking for one.
How much can you borrow?
For reverse mortgages, the loan amount can’t exceed the value of the property against which it is borrowed. Federal regulations require lenders to ensure that the loan amount doesn’t exceed the value of the house by structuring the transactions accordingly. Additionally, these regulations state that the owner/borrower is not liable to pay off the balance amount in case it exceeds the property value.
How are reverse mortgages paid for?
A reverse mortgage is payable when the borrower sells the house, relocates permanently, or dies. Unlike forward mortgages, reverse mortgages don’t need the borrower to make any monthly payments. They are only liable to pay interest on the money received, which is rolled back into the loan balance. While the owner gets to keep the title to the home, their home equity reduces over the loan tenure.
Who can take a reverse mortgage?
This type of loan is ideal for seniors and retirees whose net worth comes mostly from the value of their home. Seniors who don’t qualify for a home equity loan or can’t refinance due to limited cash flow or poor credit can opt for reverse mortgages. Home Equity Conversion Mortgage (HECM) for purchase is a reverse mortgage that allows seniors to buy another property. That said, it is complex, and you should study the risk factors before getting one.
What are the risks associated with reverse mortgages?
Reverse mortgage scams are not unheard of. Unreputable vendors could offer to help seniors secure reverse mortgages by undertaking house repairs. They don’t provide quality results and get away with the homeowner’s money instead. For spouses living together in a home with only one spouse named as a borrower on a reverse mortgage, the other spouse can lose the home if the borrowing spouse dies first. Besides, reverse mortgage lenders charge fees and closing costs and may also charge mortgage insurance premiums for federally-insured HECMs.