The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-03-04
BUYERS HAVE
THE CASH
Investors in Real Estate Do
Not Want Mortgages,
DEMAND CLEAR TITLES
Five and Six Per Cent Loans
are No Inducement.

It may seem a little bit strange that
people buying farms and Wichita prop
erty should kick up a storm because the
mortgage companies refuse 10 accept pay
ment of their loans and accrued interest.
but that is one of the troubles in the
transfer of real estate in this section Of
the state OF Kansas.
1t has not been so many years ago that
some Of the mortgage companies made
big blow about getting out OF the state.
but now it seems that they refuse TO get
out when people want to pay their mort
cages. They want TO stay here. That
shows that the people of this section
have plenty Of money and they do not
want 10 pay interest for somebody's else
money.
II was some time last week that Reese
& company sold the fine residence on
South Topeka avenue. belonging 10 Mr..
Parkinson. to George vean OF oxford.
Kan. Mr.. Veal owns several fne farms
in the neighborhood OF Oxford and he
made UP his mind 10 come to Wichita
TO live. and he bought the above named
property for his home. He is not COM
ing to Wichita to educate his children.
because he only has one who IS already
educated. He is coming here because he
thinks Wichita a pleasant place in which
10 live.
When he bought the property there
was mortgage on it for $780, due in
five years. and drawing per cent in
terest. 1t was supposed that nobody would
object to a lien Of that kind, as money
here is considered to be worth more than
c per cent Interest, but yesterday Reese
& company received a letter from Mr..
Veal demanding that the mortgage be
cancelled, as he preferred to pay all cash
for his property and have a clear title.
and he did not need any per cent money.
Mr.. Parkinson may have TO pay the
mortgage company a bonus to get the
privilege Of paying the claim. At all
events Mr.. Veail insists on his paying
OF the mortgage.
About two weeks ago Reese & company
sold a fine farm in the north part Of
this county, with loan placed at per
cent, and due in three and I'VE years
The amount of the mortgage was 5000.
When the buyer came to receive the deed
he whacked up the fun amount and
demanded the cancellation of the mort
gage. He had noticed a clause in the
mortgage which permitted the borrower
to pay any time before due. at his op-
ton. The loan had only been running
a few months. The insurance company
tried to kick, but it had to take the
money.
Other real estate men report that they
have trouble in selling property on which
there IS a mortgage. Almost in every in
stance the buyer insists on clearing the
place he buys Of all membranes and
If he cannot do it the seller gets into
trouble. When people refuse TO accept
loans at 5 or 6 per cent straight. it shows
that there IS no scarcity or money here
Some years ago when man wanted TO
sell a farm or city property he could
make a better sale by having a loan on
it for a long time at a low rate OF in
terest, but now it is a hindrance to the |
sale.
This all shows that It is actual cash |
here seeking investment. The advance |
in real estate IS not due to an inflated /
boom, but a movement for legitimate in /
vestment Il is the kind Of prosperity !
that comes to stay.