Profile picture for loliveira007

is there home available on contract for deed

  • August 05 2009 - Cleveland
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Answers (3)

Profile picture for Blue in d Nile
I don't get it.  Why would anyone want to assume someone elses' mortgage when present rates are better than most existing terms?  Doesn't it usually cost less for someone to just get their own financing?  If they don't qualify, I'm sure they couldn't assume someone elses loan anyway.


The only time one would want to assume someone elses loan is when their  terms are substantually better, such as they have a fixed 4.5% 40 year loan, and the best new loans being offered are 12%.  But that certainly is not the situation of our present times.
  • August 07 2009
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As bank financing becomes increasingly difficult to obtain, more and more motivated sellers will offer seller financing.  This will generally take the form of a Contract For Deed.

One word of caution:  Most mortgages contain a "Due On Sale" clause, which intentionally eliminates the legal sale of a property using creative financing such as wrap mortgages and CDs.

CD terms will be among the choices indicated on the MLS listing.

In the event that you locate a property that has an assumable mortgage, please be advised that you will be required to qualify before the lender will allow you to assume an existing DVA or FHA mortgage.  If you have less-than-stellar credit, you will not qualify.

As Mark clearly stated, all bank-owned properties will require cash or traditional bank financing.
  • August 07 2009
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Not in the foreclosure world. The selling "banks" want out of the asset so they all require cash or new financing.
  • August 06 2009
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