The Contract for Deed is still a great vehicle to finance the purchase of property. However, Buyers should be aware of financial traps (read Part 1 and Part 2). 1) Down Payment: A Contract for Deed usually requires this, but it should be a reasonably small amount and not force the Buyer to tap a line of credit or …
Continue reading “Contract for Deed – Buyer Beware (Part 3 of 4)”
When the economy tanked in 2008, jobs vanished and homes vacated. Many homeowners ended upside-down on their house as values plummeted. Even homeowners with equity left had trouble reaching it because they fell short of a traditional cash-out refinance. Desperate to stay in their dwelling, these victims were seduced by predatory lenders. Companies and individuals …
Continue reading “Contract for Deed – The Predators Arrive (Part 2 of 4)”
One of the hardest challenges today is buying or selling a home. Buyers with any sort of “ding” on their credit have trouble getting traditional financing. Conversely, sellers compete for buyers who can actually afford to pay their listed price because they did qualify for loans. Enter the Contract for Deed. Under a Contract for …
Continue reading “Contract for Deed – The Basics (Part 1 of 4)”
