This will be great, if you can get traditional financing. But what if you can't? Many different types of people have difficulty getting financing for the place they want to call home. And when that happens, non-traditional financing might be able to help you get the place you want.
The Advantages of Contract for Deed
- No bank scrutiny.
- More flexible terms.
- Personalized interaction with the property owner.
- Bad credit is not necessarily a problem.
- Quicker turnaround time.
- Appraisals may not be necessary.
- Property improvements can be made.
- There are ownership tax benefits for the buyer.
- Contract for deed is a great way to build credit.
- No prepayment penalties.
1. A Person With Bad Credit
2. A Small Business Owner
3. A Person With Previous Foreclosure
4. A Person Who Claimed Bankruptcy
5. A Person Who Lost A Job
6. A Person With High Debt:Income Ratios
7. A Person Who Is Tired Of Renting
In Closing … Do Your Research
There are more options than ever before when it comes to getting the money you need to buy a home. Whether you’re trying to buy a home with bad credit or you’re otherwise unable or unwilling to get a conventional mortgage, there are plenty of non-traditional options available, and a contract for deed is one of the best.
If you do decide to pursue non-traditional financing, do your research, consider your options and lenders and get the help of a professional before closing any deal.