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Our inventory is contently changing, please
call or text us to get the latest inventory
ONLY $2000 Down Payment for these select properties below
Please call/text/voice Dan 763-634-1766 or Tony 763-634-1753
Homes for Sale Owner Financing: Better than
lease to own homes, rent to own, lease option, or a lease purchase.
Buy a MN Contract for Deed Home in Minnesota with Bad Credit
Definition: A contract of purchase and sale, an agreement
between a buyer and seller of a property whereby the seller sells the
house to a buyer on what is known as owner or seller financing, and the buyer is now the new owner with almost all
the owner once had before selling. The buyer does not yet own the deed
with clear title, which means the buyer should first pay off the sellerís existing
mortgage before receiving the deed. The home owner will typically carry the private financing until the buyer receives a loan, or
refinances, often within 2-5 years.
Step 1: House Buyer Search Information Requested
This info requested includes: Name, Email, Phone, Cities, Down Payment, Move-In Date, Bedrooms, Square feet
Your Name is required for our follow up system, We need an email and phone number to reach you promptly. We ask that you please
try very hard to return our emails and phone calls quickly, so that we can give you efficient service. Which area, county, or city do you want to
live in. Seller financing properties are more limited, this is not just a rent to own, this usually requires more money down, but it's better
in that you will now own the home and show as the owner on the tax records, plus you'll have the advantage of a refinance vs. a new purchase
when doing a rent with the option to buy. It helps if you are very open to the largest area as possible to get the most success. Currently
we are working with anyone that has a $7500 down payment, but success comes most from those with $10,000 to $100,000 down payments.
As a general rule, the more expensive or larger the home, the more of a down payment that you'll need, whereby 10-20% down is very standard.
The reason for this down payment is that most properties are listed with another agent and require enough of a down payment to keep the seller comfortable, the listing agent paid a commission, and your buyer agent paid a commission from the listing agent. Please let us know your desired move-in date so that we know the timeframe we have to work with. Knowing property details like bedrooms and square feet helps us to match the right
size home for your family needs. The more accurate and complete your information, the faster we can help you. Our # 1 priority is that
you can quickly get back to us by either email or phone, and continue to follow up with us often. Please remember if you don't have a foreclosure
in over 3 years, or a chapter 7 bankruptcy in 2 years, it's been over 1 year since any Chapter 13 bankruptcies, and you find that you are over a 600+ credit score, it's likely that you could be approved for a home loan.
Step 2: Follow up email or phone call from us
We try very hard to follow up with you by email or phone within hours of you contacting us. Sometimes on the weekend there may be more
of a delay. We try extremely hard to contact you through all possible ways by phone, voicemail, emails, etc. Please do us a favor and reply
as soon as you are able, and continue to check-in with us, as this helps speed the process up by weeks. We will discuss all of the important
things with you by phone or email.
Step 3: Speak with an agent LIVE by phone about your home search
Typically after we are able to reach you, our agent can talk to you live by phone for a little while to really get to know you and what
you are looking for with your house purchase. If you are a seller, we are able to also talk to you at this time about you selling your house.
Please let the agent know any questions that you may have about the entire home buying process.
Step 4: Discuss
areas, homes types, and down payment
The agent will listen to what areas you'd like to live and tell you about properties for sale. The agent will discuss housing types, such as: town homes, condos, single families, etc. Also the agent will discuss what you have available for a down payment, and discuss some recommendations on how to best go forward with a plan to succeed based on the information that you have provided.
Step 5: Potential Homes Emailed to You
Once an agent has been able to establish a good personal relationship with you by email and/or phone, the agent will be your home property finder,
to help you find a property in your search. The agent will email you homes that match your suggested criteria in your house hunting real estate search. You may see a few emails per week and the agent will very much appreciate your feedback on the homes, so that the agent can more
closely match homes to exactly what works best for you.
Step 6: Review
properties by email until you like a few
Please keep in close contact with the agent at this time by email, or phone and please pay close attention to what you like or dislike
about each property that the agent is sending you. Please remember, to be more open to a larger area to live, and the more money
that you have for a down payment, will greatly help your chances at a much larger housing selection to choose from. The agent can
look up recent home sales and prices, to determine the real estate value in the desired neighborhood.
Step 7: Contact us with your favorite homes by email or phone
Once you find the homes that you like, please contact our agent by phone or email, whichever works best, leave a voicemail if you need to,
and then the agent can move forward to show you any houses by appointment or to see any open houses.
Step 8: We'll
discuss with sellers: price, down payment, and terms
The agent will then contact the seller, and discuss the best price, the lowest down payment and the best terms he/she can get for you
and work in your best interest. The agent may need to do this to a few properties to find a seller that is willing to work with price,
down payment and terms that are within your budget and situation. Typically a seller wants more of a down payment than the buyer
has, so the agent will have to work on this, as well as the buyer wanting a longer Contract for Deed Balloon term than the seller usually wants.
Step 9: Appointments
will be set up to see your favorite homes
Once an agent gets agreed upon price, down payment and terms from a seller, the agent will set up a showing time appointment for
you both to go view the home or look for open houses. The agent should be able to work this into your schedule as the buyer.
It's ideal if the agent can show you more than 1 property per day, in the same area, as it saves everyone a lot of time.
Step 10: We
will meet you at the properties
The agent will meet you at the property, and you will know the address, so both of you will be able to look up directions to the property.
The agent will have an access key to get into the property to let you in. Typically showings are 15-30 minutes long. After you've seen
a few properties, it's common to see one of your favorite properties a second time before you decide to buy it.
Step 11: We finalize price, down payment, closing date, and terms with the seller
After you decide it's the home that you'd like to buy, the agent will work very hard to call the seller or listing agent back and make
sure that the seller will stick to their price, down payment and terms. If everything seems in agreement, the buyer's agent
will let the listing agent, or seller know that they will be writing up an offer. The buyer's agent will probably verify a closing date at that time.
Step 12: A
purchase offer will be written on any home you want to buy
Typically an offer will be written within about 24 hours, and the agent will need to talk to you by phone or in person and will need
to meet with you to get signatures on all of the pages of the purchase agreement. At this time you decide, as the buyer, if you
want to pay for an inspection and have one done. This will be written into the purchase agreement.
Step 13: Seller's
sometimes check credit history
Sometimes the seller will check your credit history. The seller may want to know if you have had foreclosures, bankruptcies,
collections, judgments, etc It gives the seller an idea as to the timeline of when you will be able to get financing someday.
An important note is that the more money you put for a down payment, the more security the seller will feel, and the less the down
payment is of an issue. At $7500 down, there's not a lot of money left over, it's often not enough for most situations, whereas with $50,000
down payment on a medium to smaller house, these transactions go through much quicker.
Step 14: We
wait for the seller to sign the purchase agreement
After the seller reviews the purchase agreement with the listing agent, they may or may not check credit. After they agree to all of the
price, down payment, terms, balloon term, closing date, inspection, and all other things, the seller will sign the purchase agreement
and it will turn into a pending status.
Step 15: We'll
help you until the closing
The buyer's agent will be happy to help, you the buyer, up until the closing day with getting homeowners insurance, and contacting
the title company for a closing date, and having the title company take care of prorated taxes, and all necessary closing documents.
Please remember there is no bank involved so this process is very quick, and for anyone who has gone through a bank loan closing
this process will be far less work for you because no banks are involved.
Step 16: Close
on your new home, receive keys, enjoy!
The agent and title company will help you with the closing statement and closing day, and you'll be a happy new homeowner. You'll
get keys, and have your very own home. Payments will be made to the seller every month, and then the seller pays the bank
every month. As the homeowner you'll pay taxes, insurance, and repairs, it's your home, so enjoy.
Note: The top 3 things we highly suggest to people to have the highest success rate in this process are as follows:
1. Please stay in constant contact with your agent by phone and email, feel free to contact us all the time to keep moving forward quickly.
2. Please choose a very wide area that you'd consider living, when possible, seller financing homes are limited, we need the largest market possible.
3. Please work with as large of a down payment as you can afford, ask family, review 401k, accountants, investments, etc.
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