Asked by Jeff Fenner, Chanhassen, MN • Sun Jan 11, 2009
We purchased via Contract for Deed property in Chanhassen.
We've been in the contract a year. We bought the contract from the Realtor, who bought the property on Contract from the seller. We paid the Realtor who in turn made payment to the seller. This is a 3 year contract, with balloon in April of 2011.
Four months into the contract the realtor defaulted on payment & I ended up remedying the payment. Realtor since then has refused any & all communication in regards to pulling him out of the equation. At risk is $8K we paid down prior to closing on the contract.
I'm willing to let that go but this does pose a problem when approaching financing as that's 8K counted on when the deal was made. We are looking at attempting to finance before the balloon payment...but our credit isn't where we need it to be yet.
Is there a financing remedy out there that we haven't found that based on our year of timely payments and contract in place would be enough to keep our interest rate low?
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