Posted by Michael Murray on May 27, 1999 at 20:49:38:
We use contracts for deed quite a lot in Colo. It’s simply a contract between buyer and seller whereby the buyer makes payments to the seller until the property is paid off, then the deed transfers to the buyer. The process goes by other names too, but the idea is correct.
Michael Murray
Toes in - Posted by Bert G
Posted by Bert G on May 27, 1999 at 16:56:55:
Well, I finally dipped my toes in amd made offers on 3 properties. On 2, the realtor had suggested the sellers would do contract for deed, so that was my offer. Aparently they’ve changed their minds and want cash now. O well, SW SW SW SW The third is gone fishing for the week.
Now there’s another I’ve looked at and think it might have some potential. Its a big ol’ house, looks like a barn. main floor is really nice, upstairs is a decendt 1 BR apartment. Current tenant rents the house and sublets the upstairs, and wants to stay. Is the seller motivated? With 2 realtors in the way its hard to tell, but the city tells me he’s in the hopper for court on code violations. They sent me a copy of the notice, and its all piddly stuff like putting covers on outlets and simple things I could have done in a week. The owner’s been ignoring the city’s notices for 6 months. i think once they start fining him $500 a day, he might be willing to drop his price a bit.
He’s asking $65k. My figures show it will make a tidy cash flow at anything under $49.
Back to the hunt.
BG
Contract for Deed? - Posted by NJDave
Posted by NJDave on May 27, 1999 at 17:34:00:
You mean a Contract For Sale, and when you complete the purchase title is conveyed to you via a deed?