Bond for deed

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Real Estate Agent with Frank Rubi Real Estate
https://activerain.com/droplet/Fzl

My broker sold a house today using unusual techniques today.  The owner of the house is willing to do bond for deed.  He says the problem with selling homes right now are the banks.  Everyone working to him can afford a house if they can get by the banks.  This person had bad credit and will move in tomorrow if she wants.

If you have listings and can't sell them.  Try to get the sellers to do something unconventional to make it work.

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Rainer
28,156
Scott Slocum
Florida Future Realty Inc. - Cape Coral, FL
Scott Slocum & Associates 239-222-4800, Cape Coral
This is interesting anywhere you can provide some more information on this topic?  Or are you calling bond for deed the same as owner financing ?
Oct 28, 2007 12:15 PM #1
Ambassador
566,489
Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team
I agree with Scott what is it? I have never heard of it and how does it work and does it work for everyone and so on.  Give us more to go by.
Oct 28, 2007 12:47 PM #2
Ambassador
938,246
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com
Bond for Deed is where the owner keep the title until the terms have been met. If the owner needs to take back the property there is no foreclosure procedure at least here in Louisiana. In a market where we are running into buyer who have had a negative effective on there credit or the property is located in an undesireable parish due to Hurricane Katrina this is a useful tool. We are getting full asking price and the buyer will refinance in about but not less than 13 months. In other parts of the country this would be more like owner finance.
Oct 28, 2007 01:16 PM #3
Anonymous
Carol Roberson
Bond for Deed  wonderful - exactly what I've been looking for. I was beginning to think it was a fragment of my imagination. Where can I locate a listing?
Feb 13, 2008 05:25 AM #4
Anonymous
Dean

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.

Jul 19, 2008 11:24 PM #5
Anonymous
Amy May

We specialize in Bond for Deed contracts on the Northshore.  We require a minimum of $3,000 down and the interest rate is 8%.  We ammoritize over 30 years with a 3 year balloon.  If interested, email landtitleresearch@yahoo.com   All bond for deed contracts are handled by an Escrow Servicing company.  This protects the buyers and ensures that they are getting proper credit toward their principle balance, taxes and insurance are paid etc...

 

 

Feb 24, 2010 10:26 AM #6
Anonymous
william mack

We came up to Nashville after Katrina blew our jobs and or house away. we want to come back home and have done a bond for deed before and had no problems. We want to be in New Orleans because of the jobs we are taking. We did the causeway for 6 years and that was enough. Please let me know if you have any leads.

Mar 16, 2010 12:25 PM #7
Anonymous
Lea Hunter

i am wondering if you are the bond for deed company owning 145 bermuda dr in slidell?

Jul 06, 2010 04:18 PM #8
Anonymous
Darla
A Bond for Deed generally has a balloon payment due in 1, 2 or 3 years meaning the seller wants their money. Unless you have good credit to obtain a long term mortgage. you will lose the down payment and the roof over your head.
Jan 01, 2012 02:03 PM #9
Ambassador
566,489
Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

ah, I see said the blind man! Sounds like it is something you should know about before trying it!

Jan 01, 2012 02:33 PM #10
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John Walters

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