Contract For Deed or Rent to Own in Minnesota

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Real Estate Agent with RE/MAX Results 20344949

Often I get asked if I know of any Contract for Deed's or Rent to Owns available in the area.  I do come across these type of "financing options" fairly often.  However its important to know that the owner/seller in the situation is looking for a situation that will seemingly be a good situation now and in the future. 

A seller in these type of deals want 5% down or more.  Often 10% is a fair number.  The interest rate and payment is normally higher then the average rent in most of the cases as they are looking to cash flow or at least get market rates on it.

Often buyers are looking for a low low payment and have poor credit and no down payment.  This just doesn't look attractive for a seller.  They need security moving forward with the asset they own.

If you are in a situation where you need to look for a contract for deed and prefer that over renting.  Start now to work on your credit a bit. Save bank statements, pay stubs and w-2s just like you were to do with getting a mortgage.  Also start saving a down payment.  Doing this and presenting documentation to a seller will help them work with you on seller financed options.

Call me if your looking for a Contract For Deed property and I will point you in the right direction!

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Chuck Carstensen is a Realtor with RE/MAX Results in Elk River and Cambridge, MN.  Helping buyers, sellers and investors in great Minnesota counties like Sherburne, Isanti, Wright, Anoka, Chisago, Hennipen and Mille Lacs. He is a Certified Distressed Property Expert (CDPE).

Contact Chuck by emailing him at chuck.carstensen@results.net or by phone at 612-290-3809. 

 

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Rainmaker
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Anne Clark
Metro Referrals - Gainesville, VA

I've heard the term Contract for Deed, but never really understood how the heck it works.  Sounds like your buyers and sellers are lucky to have you when it comes to these oddball situations.

Aug 10, 2010 04:29 AM #1
Rainmaker
3,982,264
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Chuck... I have found many sellers of houses wnat 20%+.  There are commisions to cover and a fee small fees up front.  Plus, many are worried if they get the home back they have to fix it up againa nd with little donw they could lose a lot of money.

Aug 10, 2010 12:11 PM #2
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Rainmaker
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Chuck Carstensen

Minnesota Real Estate Expert
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