If
you have 580+ Credit Score and no Foreclosure and No
Bankruptcies in the past 3 years, you can search the MLS for
properties that require bank financing of about 3-10% down. ResidentialCommercialOpen
HousesSold
Listings
Ron Orr, Jr Agency
Disclosure
(Real Estate Agent/Broker) Since 2002
Cell Phone: 763-300-1648
ron@minnesotainvestors.com
www.MinnesotaInvestors.com
A Contract for Deed is when
a seller takes there property that they either have financing on or don't
have financing on and sell to you for a purchase price the same or more
than what they currently owe on the property. The seller will often charge
a similar or slightly higher interest rate and offer terms. The way
it works is the seller can decide the terms on how much down payment they
want to sell to you on a contract for deed. The seller holds the deed
until you are ready to pay off the full mortgage, that's typically at the
time you get financing and pay off the entire loan at which time you will
get the deed. As a contract for deed buyer you can even have fair to
bad credit in most cases, and their is no bank qualifying. It's
recommended that you haven't had a recent foreclosure as it could take
many years to get financing, possibly too many years. Most seller's
will allow up to 2-3 year balloon on the contract for deed meaning they
will take a down payment now with the remaining full balance due at the
end of the balloon. They charge you a certain interest rate which
equates to a certain payment and then they will use an amortization scale
or interest only just like with a typical lender. The seller may
look at your credit to see that's it's not in the 300-400's for example,
but often a low credit score is still acceptable. Another thing that
is great news for a contract for deed buyer is often within 12 months or
less you can simply refinance the property instead of treating it like a
new purchase, so often your original down payment serves as the equity
when getting the loan. If you have 10-30% down payment you have a possible
chance at buying some houses listed on the MLS, as you put more than 10%
down the odds are more likely. You can search the MLS properties
here if you have well over 10% down
Residential
Homes. As a contract for deed buyer you can close the
contract for deed right away for very little closing costs. Also you will
get interest write-offs, depreciation write-offs, and many other
write-offs in many cases, please consult with your accountant. The
biggest factor by far for getting a contract for deed will be your down
payment amount and then possibly if you have had a recent
foreclosure. A short sale my be fine in most cases. Also it's
important to know you can afford the payment, so someday when you get
financing you can afford the payment and start out the right way now. Also
we can put you in touch with credit repair people. If you have a lot more
questions due to the current economic market, or are currently behind in
payments or in foreclosure please read our full
article here
CONTRACT FOR DEEDS
AVAILABLE Email me if you are interested:
ron@minnesotainvestors.com
Maple Grove Lake Front
http://www.MinnesotaInvestors.com/9421
New Hope Lake Front
http://www.MinnesotaInvestors.com/newhope
Vadnais Heights $100,000+ in Equity
http://www.MinnesotaInvestors.com/available/770WillowGrove.pdf
2 year Balloon
7.5% interest rate
$375,000 Purchase
$520k appraisal
Highland Park C/D
http://www.MinnesotaInvestors.com/available/1016Fairview.doc
Inver Grove Heights House C/D
http://www.MinnesotaInvestors.com/available/315581st.doc
Spring Valley, WI Commercial Building C/D
http://www.MinnesotaInvestors.com/available/SpringValley.doc
East. St. Paul
4plex all 1 bedroom
8% interest rate
all vacant
Nov. 1st ready to move-in
East St. Paul
2 duplexes
1 fully rented $1400/mo
$150k purchase price
8% interest rate
East St. Paul (Jessamine Ave)
Single Family
3bed, 1bath
8% interest rate
$150k's
tenant moving out this month
Coon Rapids
Single Family
3bedroom 1 1/2 bath
some work needed
sweat equity down payment program
needs exterior painting
8% interest rate
$155,000
Ramsey Townhome
$8500 Down Contract for Deed
$1299/mo
2 bedroom 2 bathroom maintained townhome
townhome is less than 3 years old
faces a well maintained courtyard
oversized 1 car garage
private patio and walk in closets
Rent includes:
lawncare
water/sewer
garbage/recycle removal
snow removal
Maple cabinets & woodwork
deck
extra storage in garage
open floor plan
laundry near bedrooms
custom blinds
upgraded lighting
walk in closets
