Bond for Deed, Louisiana

I have my house listed in Louisiana.  My Realtor has told me there is a buyer that wants to bring a contract with Bond for Deed.  How is the commission paid with that scenario?  If the buyer is only paying for a certain period and then it closes is it paid then. Doesn't the Realtor want some money until it closes?  S

Bond for Deed scares me a bit.  It's too waited on the sellers side with the seller getting the asking price with no negotiation, the seller getting the interest rate they desire, the seller holding the title, and contacts that are not standard but drawn up as that the seller sees fit. 

If you can get a guaranteed loan in 12 to 24 months to pay off the seller and receive the title, now that's different, but if you were turned down before, what makes you think you will get approved then? The seller most likely won't send good credit reports for you because you made your payments on time. After all, the seller is not Visa or Mastercard.

You put a large lump sum as a down payment, you add costly improvements, you make your payments monthly for say 60 months, and then you lose your job because of illness, miss a payment, and lose everything!  This Louisiana law sounds like a new "predatory leader" type of thing waiting to happen.

Do you have to check with your mortage company first to do a bond for deed?

i have a bond for deed in new orleans. I owe the 38000 on it and the seller is getting anxious and wants it off her name. Can i get a loan to pay it off if i approach the bank with this scenario. In other words, using that home as collateral? its worth 135000.

Whats the best way to locate a bond for deed situation in NOLA, and how does one get it started???

If my father-in-law puts his name on me and my husband's house here in LA will the mortgage go into his estate? Meaning he buys the house we do a bond for deed and he passes will the mortage be included in his estate? Please help! We are trying to buy a home here in the near future.

couldn't you do a wraparound mortgage in place of bond for deed.  seems like a little more protection for the buyer.

I am in a bond for deed (seller) and the house got cout on fire (80% lose) the buyer had insurance. The house must be torn down. I did not want to rebuild. I reqested that the morgage note be paid from the insurance. The buyer was already in default but our contract was not cancelled in writing. My question: is  the buyer responsable for the tare down of the home or am I, and since the buyer paid for the morgage note  with the insurance does the property belong to them.

Here's a situation... Two couples enter into a Bond for Deed as purchasers (all four names are listed as purchasers). One couple has changed their minds and no longer want the property and they want their name off the Bond for Deed. The other couple wants to keep the property and are willing to pay the full amount of the notes and assume full financial responsibility. Can this be done and how? 

any thoughts on buying property using the "Subject To" method and /or wrapping the sell side using bond for deed?

Our bond fo deed home burnt down and we paid the mortgager for homeowners insurance but he refused our money back for deposit or payments made claiming it was only insured for 2/3 the value so he's taking a loss here too. Doesnt seem right. Any thoughts or advice? I spoke with an attorney and his advice was to cut my losses. Attorneys are looking for big money these days

If I'm leasing a house and the seller wants to enter into a Bond for Deed, then would anything I pay over the amount of the seller's mortgage payment go toward the selling price/down payment? We are talking about a 3% down payment over three years, at which point I will finance for the purchase price (less down payment) and the deed will transfer to me. I guess I'm asking, should the seller continue to receive a full lease rental payment in addition to covering seller's mortgage payment and the agreed down payment in those three years?

To Eric...so if the seller still has a mortgage (which usually covers principal, interest, taxes & insurance) ...part of any monthly payment covers all that. But then she cannot transfer any deed, and I cannot take any interest or tax deductions on my tax return. Correct?