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Can you purchase land with a credit card?
We found a plot of land that we like. We can cover most of the cost, but have about $20K that we need to finance. Instead of going through the bank and a mortgage, we're thinking of simply putting it on a credit card that we'll try to aggressively pay off. There's options for low interest cards for the first year, and that may benefit us. Is this even possible though?
Asked By Gary | Somerville, TN | 1384 views | Finance Legal Info | Updated 1 year ago
Answers (2)
Jessica Juel
Arterra Luxe
In some cases a seller may allow part of a purchase to be paid with a credit card, but it’s not very common in real estate. Most land purchases are completed with wired funds, cashier’s checks, or financing through a lender.
Using a credit card for a large amount can also have legal and financial implications depending on how the transaction is structured. Because of that, it would be wise to speak with a real estate attorney or financial professional before moving forward so you fully understand the risks and proper way to structure the purchase.
Using a credit card for a large amount can also have legal and financial implications depending on how the transaction is structured. Because of that, it would be wise to speak with a real estate attorney or financial professional before moving forward so you fully understand the risks and proper way to structure the purchase.
- 1 day ago
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Peg Walsh
Four Seasons Sothebys International Realty
I recommend that you consult with your real estate lawyer or accountant in your state. It may be possible to obtain a cash advance and use those funds.
- 1 year ago
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