Welcome or Register
agent photo
Kuhlmann Real Estate, Inc
PO BOX 39
1406 EAST HIGHWAY 7
MONTEVIDEO, MN 56265
Phone: 320-269-6481
Toll Free: 888-339-8938 
Email: Info@montevideohomes.com

Thank you for visiting today. If this is your first visit, take your time and look around. We have plenty of information and resources available to you. If you are a return visitor, thank you. We would love to hear from you and tell you how we can serve all your real estate needs. Don't forget to visit, like, and share our Facebook page too!

Back to Table of Contents

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.

Back to Table of Contents

Testimonials Page

"TOP REALTORS IN MONTEVIDEO (VOLUME & REPUTATION)". Extensive amount of work by Bruce Vien & Larry Sandven once a prospective buyer made an offer. Tim
I would recommend Kellie & Kuhlmann Real Estate to anyone in need. Because of your help, we have found our dream home. Ashley & Scott
Gwen was very helpful throughout the entire process.  Made us feel relaxed and confident in our decisions. Jed and Rachel K.
View All

CRB - Certified Real Estate Brokerage ManagerEqual Housing OpportunityGRI - Graduate, REALTOR® InstituteREALTOR® certification

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu