02-06-2021, 10:01 AM
(02-05-2021, 07:06 PM)dobanion Wrote: I sold one lot in Kau on contract. But I knew the guy. Worked out great for the both of us. He got the lot, and he paid me every month, on time.
Probably way outside the norm.
I don't think it's at all outside the norm. I know several people who bought their property on agreement of sale, myself included. I don't know anyone who is dissatisfied with the outcome.
Banks generally require 50% down on vacant land and they have a rubber stamp foreclosure process. A low down A/S with the seller is far more appealing and less risk for some people even with the higher interest rate.