What is owner financing?
Owner financing is the easiest way to buy property and is extremely simple.
We own the land and you want to buy it. We sell it to you for a small down
payment and small monthly payments. We finance the land so you don't need
to qualify for a bank loan or fill out a loan application. Once the property
is paid in full, we will convey the property using a Statutory Warranty
Deed. That's it!
Do I qualify to buy with owner financing?
Everyone qualifies to buy with owner financing. There are no loan applications
or bank red tape. All you do is pay the small down payment and the monthly
payments. Once the balance is paid in full, we convey the property with
a Statutory Warranty Deed.
What kind of guarantees do I get when I buy land from Sigma Properties?
Because we know we're selling quality land at a fair price with excellent
terms, we're confident enough to offer a free and clear title guarantee.
How do I visit a property for sale?
Please give us a phone call and we will get you directions from anywhere
that you wish. We will send aerial maps, topographical maps, plat maps and
directions upon your request.
Should I visit the property before buying?
Only you can make that decision. Each customer has their own reason for
buying a piece of land. With that, each piece is different and some have
what the buyer is looking for and some do not. It is up to the buyer to
determine whether the property is suitable for their needs. Most buyers
purchase property from us without viewing the land.
Who owns the properties being sold on Sigma Properties?
All properties sold belong to Sigma Properties. We don't sell land belonging
to other companies or other individuals and we don't sell land for other
parties.
Can I buy more than one property?
Yes, we've had many buyers who purchase several properties at the same time.
What is the zoning of these properties?
Almost all the properties we sell are zoned for residential use. Some are
zoned for agricultural use, but may be re-zoned with a few easy, inexpensive
steps. We don't guarantee the zoning of any land parcels. If you have questions
about the zoning of a particular property, please contact us, and we'll
be more than happy to give you further information about the property you're
interested in.
Do the properties have water?
Many of the properties we sell are located in areas that are served by city
water. In these cases, water may be obtained by simply connecting to the
water supply near the property line. In other cases, city water is not available,
and it is necessary to drill a well. On most of the acreage or rural parcels
we sell, a well will need to be drilled, since city water is not available
nearby. Wells can range from 100' to 1000' deep, and in a few very rare
cases, water may not be available at all. To our knowledge, we have never
sold a parcel of land on which excellent water could not be located. In
other words, as far as we know, every property we have ever sold has water
available either by well or city water. In most cases, the cost of drilling
a well is very reasonable. In rocky or hilly areas, this cost can rise dramatically.
Again, be sure to read the individual property page for water information
about that specific property.
Do the properties have electricity and telephone service?
Many of the properties we sell are located in areas that have electricity
at the property line. In some cases, the electricity is just across the
street. We also sell remote acreage parcels which are several miles or more
from power. In these cases, the cost to bring power to the property may
be significant. Remember that many of the buyers who buy land from us don't
plan to build on the land for quite some time. In these cases, it makes
sense to simply wait until you are ready to build, because by the time you're
ready to build, one of your neighbors may have paid to have the power brought
much closer to your land, and it didn't cost you one red cent.
Can I build a home on the land?
All the land we offer is zoned Residential, unless otherwise noted. You
can build anytime you wish, but there's no requirement to build. We never
sell land which has a requirement to build. Of course, you need to obtain
the proper building permits before you begin any construction.
Can I begin to build or make improvements on the land before it
is paid off?
Yes, you are allowed to begin making improvements on our land before the
balance is paid in full. However, there is a slight risk. If for any reason
you find that you cannot make the remaining payments, you would lose your
initial investment in the improvement. At this time, we do have customers
making improvements on their land who are still on a contract with us.
How much are the closing costs?
If you purchase directly from us, there are no closing costs. Our
goal is to make property affordable, and one of the ways to make
this possible is by not charging you any closing costs. We pay all
fees for transferring the property (transfer tax, recording fees,
etc.). If you purchase from us , but don't purchase directly (in
other words, you purchase from another web site that offers our
properties, or you purchase from us using an online auction) we
require payment of a small non-fundable processing fee.
Is the land approved for a septic system?
Some of our lots, especially those on paved roads and within city limits,
may have sewer service available in the street. Most won't have city sewer
service available. In these cases, it will be necessary for you, the buyer,
to have a septic system installed. We've never sold a property (to our knowledge)
which didn't 'perk' for a septic system. Septic systems typically start
at $1,000.
Is there a balloon payment with this owner contract financing?
We do not have a balloon payment. If you don't know what a balloon is, let's
say you purchase a parcel of land and the payment term is nine years (you
agree to pay monthly payments for nine years). A balloon payment would be
a paragraph in the sale agreement which requires you to pay the land off
in, for example, five years. This would be a five year balloon.We I don't
use balloon payments, because we don't know, and you don't know either,
what kind of financial situation you'll be in when the balloon comes due.
We don't want to put you in a situation which would require you to come
up with enough cash to pay off the remaining balance on the loan.
Is there a pre-payment penalty?
You can pay off the land any time you're ready, with no penalty
of any kind. At that time, we will convey the property using a Statutory
Warranty Deed.
Can you pay more than the minimum monthly payments?
You can pay any amount over the minimum monthly payments. For example, if
you purchase a parcel of land and finance $11,500 and you paid the normal
payment of $110 per month, it would take just over twenty years to pay it
off. If, on the other hand, you paid an extra $15 per month it would only
take you fourteen and a half years to pay it off. If you paid an extra $30
per month it would only take you eleven and a half years to pay it off.
Is there a road to these properties?
Many of the properties have paved roads right to the property line. Most
properties we sell have good dirt roads, which are accessible with any car.
A few parcels are located in remote areas, which may have poor dirt or gravel
roads. You can still drive to the property, but you may need a four-wheel-drive
vehicle. A small number of properties have an undeveloped easement to the
property.
How does Sigma acquire it's properties?
We buy land from many different sources including private parties,
auctions, banks, tax sales and government sales. We only buy desirable,
quality properties we feel will satisfy your needs. We buy properties
we can get for a good value so we can offer them to you at a fair
price with simple, easy terms.
Are there any liens on the properties?
None of our properties have any liens or encumbrances on them. We
guarantee all properties are sold with clear title, free of any
type of lien, encumbrance, mortgage, loan, back taxes, contractors
lien, or any other type of lien.
Do I pay any kind of sales tax or real estate transfer tax?
Some states have no transfer tax or sales tax. In other states,
a tax is required. If taxes are required, it will be included in
your monthly payment. We want this to be an easy, simple transaction,
with as little out-of-pocket for you as possible.
Who pays the property taxes on the land I buy?
For most of the properties we sell, the property taxes are $35 to $150 per
year. To determine the exact amount of the property tax for the properties
you're interested in, simply view the individual property page. To make
it simple for you, we pay the property taxes each year. Then we divide the
annual property taxes by twelve months and add this to your monthly payment.
For example, let's say you purchase a property and the advertised monthly
payment is $100. If the annual property taxes on your property were $120
we would divide this $120 annual taxes by twelve and you would pay $110
per month ($100 for the property and $10 for the taxes).
Is Sigma Properties a Realtor/Broker?
We are not Realtors or Brokers. Realtors and Brokers are people who sell
real estate which belongs to others, and they earn a commission from the
sale. Since we own all the properties and sell directly to you, there are
no commissions--allowing us to sell properties for a lower price.
