Wanda Kubat-Nerdin - Wanda Can!, So Utah Residential, Referral & Relocation REALTOR (Prado Real Estate South)

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Rainmaker
650,342
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I am assuming you mean a CFD and NOT seller carryback financing.

I have never, nor would I want to do a deal with Contract For Deed. One of my clients' late husband LOVED CFD (back in the day when everyone was flush) and she had multiple properties - AND PROBLEMS - with these folks over time when the market turned, because based on how long they had been making payments, redemption period can be as long as 9 MONTHS! 

Conversely, seller carryback financing secured by a Note and Deed of Trust, a default at ANY point can trigger foreclosure proceedings and then it's 91 days to Trustee's Sale.

Once she FINALLY got back the defaulted (and destroyed) properties, new deals were secured by a note and deed of trust. NO defaults on any of them so far and most are paid off.

Does that answer your Q or was that more than you needed? LOL

PS, where's yer 'I Boated' sticker, cutie?

Nov 08, 2018 07:58 AM
Rainmaker
1,468,678
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Hey Wanda Kubat-Nerdin - Wanda Can! Love your new picture! I have written several contract for deeds and none of them were successful.

Nov 08, 2018 07:18 AM
Rainmaker
1,475,681
Mike Cooper, GRI
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Wanda, I have two of them active in our portfolio right now. The key to making it work is to set a refi time in the future that you are pretty sure you can meet. Ours was 5 years. The two clients we are working with were rental owners who were upside-down. The five years gives us time for the market to recover to give us equity in both properties. One has appreciated $30K in the past 2.5 years. The other one has been lower. We'll refinance or payout cash at the 5 year point, but it has worked very well for us. It has to be two sides who can be trusted without question. Otherwisde, one may walk away leaving the owner holding the bag, and they may not be able to do that. I've seen it go poorly when strangers with no history tried it. It's a trust issue. They should be recorded too for constructive knowledge purposes.

Nov 08, 2018 08:42 AM
Rainmaker
3,026,069
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Yes! I did one years ago where the buyer was not qualified coventionally and I needed to sell. They sold 5 years later and it was a great deal for both of us!

Nov 08, 2018 08:32 AM
Rainmaker
3,124,514
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I have not.  

Nov 08, 2018 07:26 AM
Rainmaker
2,814,091
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sorry... no experience with these (yet).

Nov 08, 2018 07:19 AM
Ambassador
3,006,480
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I have not personally done one. An attorney would handle them here in NC.

Nov 08, 2018 09:24 AM
Rainmaker
708,089
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Yes and yes, but now our broker doesn't allow us to do them. Supposedly too much legal risk involved. The last listing I had that involved one was in Front Royal VA. They are more common in some areas.

Nov 08, 2018 07:43 AM
Rainmaker
939,564
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

I was offered one. The seller declined.

Nov 08, 2018 07:13 AM
Rainmaker
316,080
Susie Kay
Ultima Real Estate - Plano, TX
North Dallas Specialist

I have not.  I'm not 100% sure but I think this is not allowed by my broker.

Nov 08, 2018 11:57 AM
Rainmaker
485,043
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

Nov 08, 2018 11:36 AM
Rainmaker
610,102
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

No. It has been years since I have even heard the term "contract for deed" mentioned.

Nov 08, 2018 11:25 AM
Rainmaker
360,753
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

If you mean lease option, yes - and only once has this closed and that between family members. If you mean owner carry, more often that lease option. 

Nov 08, 2018 10:55 AM
Ambassador
3,840,384
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Bought my first home with one, but as an agent I would be unlikely to suggest it to a client.

Nov 08, 2018 10:29 AM
Rainmaker
1,195,122
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Both sides need to work with legal counsel or the results may not be pretty.

Nov 08, 2018 09:39 AM
Rainmaker
2,873,500
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

YES but not in this market. It is something used more in a recession when buyers can not get a mortgage and sellers can not sell but need to sell. 

Nov 08, 2018 09:35 AM
Rainmaker
684,315
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

None that I am aware of

Nov 08, 2018 08:44 AM
Rainmaker
948,397
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Yes, several, but it hasn't been necessary for quite a long time. Generally, completion would take a year to 18 months to fulfill the terms. You need a very good crystal ball to sell this idea to an owner. 

Nov 08, 2018 08:42 AM
Rainmaker
4,701,620
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

never had any experience with those.... and for that I'm thankful....

Nov 08, 2018 08:40 AM
Rainmaker
1,466,588
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Had a few get tossed around by some attorneys & nothing ever came of it. That was mid 80's.

Nov 08, 2018 08:29 AM
Rainmaker
2,749,757
Richard Weeks
Dallas, TX
REALTOR®, Broker

Not since the Texas Property Code regarding contracts for deed was changed in 2005.

Nov 08, 2018 08:00 AM
Rainmaker
871,848
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I have not

Nov 08, 2018 02:04 PM
Rainmaker
5,072,371
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Closed contracts usually  end up with a deed.

Nov 08, 2018 01:47 PM
Rainer
142,299
Don Baker
Lane Realty - Eatonton, GA

doesn't work that way in GA.  Have successfully done a few owner financing deals where buyers gets deed at closing and past owner gets a security deed just like a bank does in Georgia when a property is financed.

Nov 08, 2018 01:40 PM
Ambassador
2,330,810
Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  No.   

  Neither my local Board nor State Association has standard forms for Contract for Deed.

  In Florida, this borders on the practice of law.   Make sure an attorney is involved.

   

Nov 08, 2018 12:22 PM
Ambassador
1,560,630
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I don't believe in them so I stay away.

Nov 08, 2018 10:45 AM
Rainmaker
1,178,387
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

No, can't recall ever doing this.

Nov 08, 2018 09:52 AM
Rainmaker
1,792,755
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Most default

Nov 08, 2018 05:03 PM
Rainmaker
4,143,238
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

What Candice A. Donofrio A

Nov 08, 2018 05:02 PM
Rainmaker
2,721,105
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

None have Wanda Kubat-Nerdin - Wanda Can! 

Nov 08, 2018 04:42 PM
Rainmaker
416,302
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

No I have not.

Nov 08, 2018 03:34 PM
Rainmaker
161,521
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

No, and I would not recommend it to my clients.

But, I like your new profile picture.

Nov 08, 2018 11:34 AM
Rainmaker
2,380,554
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Came to say hello to my friend Wanda

Nov 08, 2018 11:24 AM
Rainmaker
1,061,309
Joyce Marsh, Luxury Market Specialist
JOYCE MARSH REAL ESTATE COMPANY - Daytona Beach, FL
Million Dollar Guild, CLHMS, CNE, SRES

I think Candice A. Donofrio has it covered.  Nice to have her back in the conversations... Just sayin... In Florida this is also something that I would recommend be handled by an Attorney as Fred Griffin pointed out.

Nov 09, 2018 04:08 PM
Rainmaker
975,862
Valeria Mola
SIB REALTY - Sunny Isles Beach, FL
305-607-0709 SIB Realty

Not me. 

Nov 09, 2018 10:18 PM
Rainmaker
1,401,968
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

No, I have not had it.

Nov 09, 2018 10:08 PM
Rainer
383,300
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

No experience with those as of yet.

Nov 09, 2018 06:01 PM
Rainmaker
500,432
Peter Mohylsky, SoWal Expert
Gulf Place @ 30A - Santa Rosa Beach, FL
Let me help you find your path to the beach.

No, I have never done this but some interesting comments here. 

Nov 09, 2018 04:32 AM
Rainmaker
3,929,824
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have not.

Nov 13, 2018 10:38 AM
Rainmaker
2,931,271
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I did one a long time ago.

 

Nov 12, 2018 10:37 AM
Rainmaker
3,937,298
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I know of many including my own and never had an issue

Nov 09, 2018 05:34 PM
Rainmaker
4,409,285
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No.

Nov 09, 2018 02:19 PM
Rainmaker
4,749,768
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Never have done one of these.

Nov 09, 2018 05:37 AM