Maria, Contract for Deeds are becoming more popular as a purchasing method. However be careful, many real estate agents don't have experience with them. Here are some key points to consider as you move through your purchasing cycle. It is important that you understand all of the terms of a contract for deed and what your are comfortable with before you make an offer on a home. The first is what interest rate are you comfortable paying in a contract for deed (C4D). This limit is mandated by the MN Department of Revenue and typically sellers that are willing to take a C4D are looking for some profit (or Risk coverage). The other thing to consider is to specifically outline what happens in the events you can't or don't make a payment.
I always advise my C4D buyers that the need to speak with a real estate attorney to define their contract for deed that they are comfortable with an then go shopping. Be sure to check up front with the attorney if they will charge one fee for the entire contract process or if it is hourly only.
Yes you can do this without a Real Estate professional however, buyer beware there are many loops here which could leave you homeless and out your money.
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