Posted by Stacy (AZ) on May 29, 1999 at 12:22:04:
However, in many states, if you SELL using a contract for deed it is easier and quicker to get rid of a buyer if they go into default. In AZ, for example, the foreclosure period is only 30 days if the buyer owns 10% or less equity in the property. For example if the property is worth $100K, and the total of downpayment and pricipal reduction the buyer has paid is less than $10K, he can be removed in 30 days.
It may be an advantage for you if you are selling a property to use a contract for deed. By the way, it’s called “Agreement for Sale” in AZ. But, I wouldn’t use it to buy unless there was no other way to get the deal done.
Check your state’s laws.