The Frequently Asked Questions

A Land Contract or Contract for Deed is exactly like a mortgage on a house. Except a bank holding your Promissory Note, the  seller of the house holds the note. This is also known as a seller financed note. 

You have the right to pay off a Land Contract  at any time, just like a mortgage. IRES Capital writes Land Contracts for 6 Years based on a 30 year amortization schedule. 

Since the Federal Law and State Laws treat Land Contracts just like mortgages, they MUST be serviced by a license mortgage company. This company provides monthly statements, online payments, annual escrow statements, annual interest statements and all other required reports. 

There is risk with all types of funding and in order to mitigate those risk, there has to be some benefit to the lender. IRES Capital will work with the buyer on a reasonable price that they can afford. The house will also appreciate in value to cover the mark up in price in a very short time.  

  Since a Land Contract is regulated as a mortgage each buyer must meet ability to repay requirements.

The first thing we need is the completed "Deal Sheet". This can be downloaded on the Deal Map page. This information is necessary for our representative to analyze a deal and determine if IRES can help. 

YES. Once we get the deal sheet, we will reach out to your client to go over the details of the program. We will ask you to do an introduction for us and we we will keep you informed of every step of the process. 

The entire process usually take 10 -14 days to close. The underwriting will depend on how much information the buyers have available to provide to the mortgage company handling the Land Contract 

After a file has been approved you will need to get the original PA assigned to IRES Capital Solutions. We will then have a new PA signed from IRES Capital to the original buyers for the land contract purchase. 

The simultaneous closing will take place at a title company. We will have a representative at the closing to provide certified funds to title for the original purchase. We will then have the buyers sign all Land Contract documents. 

YES. It is advised that the original buyer complete a final walk through prior to closing.