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.
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.
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...
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.
