since you are in Albert Lea, my advice is to find a local agent. Even if you are contemplating a move to another part of MN, another state or anywhere else, your local agent is the point person! It costs you nothing, gives you every advantage whether buying, selling or renting! Liz, 612=986-4105... more
Michael's answer is right on, but I'd like to add a little to it.
A contact for deed can only be offered on a home when it is completely paid for free and clear. Basically, the seller is acting as the bank and providing the financing directly.
If you can find an investor who has enough cash to purchase a home outright and who is willing to work with you - that might work, but be prepared to pay a higher interest rate, put a substantial amount of money down, and pay a balloon payment at the end of 2 to 5 years.
Also be aware that if something happens and you default, in most cases you only have 30 days vacate the property and you don't get any money back.... more