Posted by Maurice (Ca) on June 03, 1999 at 15:19:04:
I think you make great comments Jim, whether new or not & as a fellow newbie it’s great to hear your opinions.
I know it’s been touched on before on this board, but for some reason I just cannot get contract for deed through my clouded brain…I mean I understand l/o pretty well & wholesaling, but deed for contract continues to puzzle me. So maybe if some of you would do this hypothetical situation, it might help some of us.
You are talking to an anxious seller who advertised in the paper: “must sell now. flexible, will consider l/o. asking $100,000”.
You find out that he’s already been transferred & has listed the property for 6 months unsuccessfully & owes $95,000. Fair market is right around $100,000. He’s not behind & he already has another house that he’ll have to start paying a mortgage on soon. His p.i.t.i. is let’s say $800 monthly (remember this is hypothetical) & the fair rent for this property would support up to $950. He’s asking $5,000 down is very open to l/o; so how would you bring up contract for deed: the benefits to the SELLER & why he should do this.
Also, if this seller is willing to do this, how do you write it up? Is there closing? etc. I know, everyone’s gonna say: get a course. And trust me, I will be slowly building up on my library. But with the 2 courses I do have, none goes into detail on how to set it up.
I’m sure other newbies out there wonder this: especially with Legrand saying “go for the deed first”…so now, we just want to know the tactics.
Thanks all & Jim, keep up the good comments!