Contract For Deed
In todays economy, many individuals are unable to receive traditional finacing for a home. Contract for deed is an alternative option that has been around for decades, but has become quite prominant in todays housing market.
For many individuals, the ability to receive a traditional home loan is impossible. Many have credit or debt issues that leave them searching for an alternative way to purchase a home.
For those that need an alternative, contract for deed is a great option to pursue. Although contract for deed is no new option in the real estate world, it has become increasingly popular in today’s housing economy.
Contract for deed works similar to a rent to own or lease option scenario. An individual using contract for deed would be required to accept the following:
- Sign a contract deed for a time period of 6 months - 5 years.
- Interests rates up to 8%
- Bringing a downpayment to the closing table of 7% - 20% of the properties sale price or an amount ranging from $8,000 - $30,000 + depending on the property.
