Please read all information about each house on it's own page. Almost all questions can be answered with that information, and the information on the FAQ page. If you have more questions, and love one of the available homes, feel free to contact us at firstname.lastname@example.org Thank you
Q. Can I buy the house outright either with cash, or with a pre-approved bank loan?
A. No. Our business is selling quality homes via contract. We won't sell a house to someone with the whole amount in cash, or with bank financing. However, a contract buyer is able to refinance the house down the road if he/she wishes.
Q. Can I refinance the loan?
A. Yes- if a buyer gets into a position to be able to re-finance the loan with a bank at a lower rate down the road, there is no penalty for this. Keep in mind that a contract buyer must keep up on maintenance of the home and perform any necessary repairs the house needs as the years go by. A house being in good repair with no significant repairs necessary is required for bank financing.
Q. How does the contract work?
A. For other specific contract questions, feel free to ask. But generally-- the contract works the same as a bank loan, except our company Buy Bedford Homes is the one extending the loan, not a bank. The sale of each home has it's own contract prepared by our attorney's office. The buyers and sellers meet at the attorney's office in Bedford to sign the contract/loan documents. The sale of property is recorded at the courthouse. Contract buyers are eligible for property tax deductions also, the same as with a traditional bank loan
Q. Is a balloon payment/payoff required at any point?
A. No- the loan can be left for the duration of the term with our company, or it can be re-financed with a bank if a buyer gets him or herself into a position to be able to do so
Q. Am I prohibited from doing specific things with the property?
A. Yes, but not many differences between a bank loan and contract. For more specific questions please ask, but generally-- the house can't be sub-leased out, no construction can be done to the house without approval, no illegal activity, no dumping of waste, the home should be maintained in good order, and cannot be used for commercial purposes. There are a few other smaller nuances but these are the main items
Q. Is the selling price or terms of the loan negotiable?
A. Generally, No. We price our homes at fair market value, and charge a reasonable interest rate for taking a much greater risk on the loan when compared to a bank. There are a few smaller variables that can be adjusted to help out a qualified buyer, but the selling price and interest rate are non-negotiable