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Home Buying in Chicago Ridge : Real Estate Advice

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Activity 3
Sun Jan 29, 2017
Jose Arturo Garcia asked:
Thu Jan 24, 2013
Suzanne Hamilton answered:
A believe you mean a contract for deed is where the seller is financing you instead of going to a lender. Typically, the seller will charge you more interest than a regular lender, and at the lower lender rates now, probably a lot more - maybe even double. Plus, you don't get to negotiate sales price, usually.

To minimize risk, you need to check with an attorney to ensure that the agreement is drawn up with the house in trust or something to ensure your payments go toward ownership, who pays the taxes, etc.

And there are risks involved with partnerships, and this is one.

On the upside, you can get into a house and get payments to go toward something.
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Tue Sep 13, 2011
answered:
Hi Maytagken,
There are programs available to buyers down to a 620 credit score, however, we also offer a program that does an analysis of your credit report to see if there are any ways to strenghten your score, ensuring that you qualify for the best rates as well. If you'd like more information, feel free to give me a call.

Cecelia Marlow
Chicago Bancorp
Mortgage Banker
312-738-6294
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