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Contract for Deed info

Blog post about Contract For Deed

FEATURED LISTINGS FOR SALE

Available homes

1001 11th St NW

 

Contract for Deed option

$5000-$10,000 Down Payment

 Monthly $900-$1200 Depending on Down Payment

Buyer is responsible for having insurance on property and 1 year premium paid at the time of closing.

Buyer is also responsible for all closing cost. Estimated cost $1500-$2000

What a great opportunity to build home equity.

507-438-4290

603 13th St NE

 

For Rent or Possible Contract for Deed.

3 Bedroom, 2 Bathroom, Central AC, 1 Stall garage and extra alleyway parking, washer and dryer hookup, garden area, deck close to East Side Lake

 


Contract for Deed Option

$15000-$20,000 Down Payment

 Monthly $1100-$1600 Depending on Down Payment

Buyer is responsible for having insurance on property and 1 year premium paid at the time of closing.

Buyer is also responsible for all closing cost. Estimated cost $1500-$2000

What a great opportunity to build home equity.

507-438-4290

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Additional Information

  

Contract For Deed or CD
 

Contract for deed simply means that the Seller is financing the house for
the Buyer.  The Buyer makes the house payments directly to the Seller.   
Sometimes these are called land contracts or CD's.  
 

Benefits to the Buyer:

· no credit check

· no application

· no origination fee (1-5% of loan)

· tax benefits (interest payments, depreciation)

· no appraisal

· fast closing

· not have to work with a bank!

· creativity

· Gets bundle of rights (Possession, control, quiet enjoyment, and
disposition).


 
Typical scenario:  10-20% down payment, 7-10% interest rate, the loan is
amortized over 30-years with a 5-year balloon payment.  What is a balloon
payment?  This means that the Seller wants a lump sum payment for the
entire remaining amount due.  The Buyer typically refinances the house
with a traditional mortgage broker.  Refinancing is easier for the Buyer to
obtain.  

 


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