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Jack Sherry

Owner/Broker

Jack Sherry Real Estate & Investments

101 N. Hinckley

Holdenville OK 74848

Office:  (405) 379-3977

Fax:     (405) 379-6134

Mobile:  (405) 221-1325

jsrei@sbcglobal.net

Nancy Sherry

Broker/Associate

Mobile:  (405) 380-6517

nsherryrealestate@yahoo.com

Paige Sherry

Sales Associate

Mobile:   (405) 380-6715

paigesheffield_realestate@yahoo.com

 

 

Tara Goodson

Sales Associate

Mobile:  (405) 380-8033

taragoodson_realestate@yahoo.com

Dawn Lindsey

Provisional Sales Associate

Mobile:  (405) 221-7161

dlindseyrealestate@yahoo.com

 

 

 

 



Jack Sherry Real Estate & Investments
101 N. Hinckley
Holdenville, OK 74848
Phone: (405) 379-3977
Fax: (405) 379-6134
Email: agent@jsherryrealestate.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. We can serve all your real estate needs.

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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.

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Testimonials

Thank you so much for your thoughtfulness,patience,fortitude, understanding and efforts. It's a joy knowing you. Thank you for all you've done. Sincerely E. Blair
On behalf of my mother, wife and myself, I thank you for assisting in selling our family home. Your down home understanding and professionalism was second to none. M. Carter
Thank you so much for all your help. You have made this a very easy process for me. Thank you again. T. McCorry
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