Do you need to buy a contract for deed very soon with your recent settlement?
Are you a motivated buyer, but can’t easily get a bank loan. There are many reasons why you can’t get a bank loan from
High debt-to-income ratio
Self-employed tax wrote-offs
I’ve seen agents and investors work with contract for deed buyers in the past that couldn’t easily get bank financing.
A main reason is they are a new self-employee person or any self-employed person who makes great money monthly, but writes off most of their income and the lenders make qualifying tough in that situation. If you do a bank statement program with about 10% down you may be able to get qualified.
Also those with recent foreclosures, bankruptcies, short sales, loan mods and more will have to wait 2-3+ years to get back financing, so a contract for deed makes sense to them.
Not everyone has 10% or more to put down, so we run into buyers who inherit money, get a settlement from an accident, or a lump sum of money.
This lump sum also comes from the equity of selling another house or your patents inherited house from probate or a death in the family.
Once you have this settlement or big down payment you have many great options to choose a house with a unique contract for deed program.
Of course with the correct market you will need 10% or more of a down payment as a minimum.
The investor buyer selling to you will meet with you and make sure you are a qualifiable person, but no banks and the down payment is really your admission to the program.
Buyers fall in love with the flexibility of this program with choosing from all of the hoes on the market.
You get to go look at some beautiful remodeled kitchens and bathrooms and dream homes, but first let’s make sure you have 10% down or more and the timing to buy is good for you.
When you are ready click the motivated Minnesota contract for deed buyer link on my website and review the programs to buy and sell and then message me when you are ready.