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SlowFlip

SlowFlip

Alternative Homeownership Program

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(952)417-0000 Contact Us

Frequently Asked Questions

Why does the contract for deed process require two transactions?

A contract for deed is also known as “seller financing.” We must first own the home to then be able to sell the home on a contract for deed. We normally purchase the property the same day we sell it to the contract for deed buyer (see attached graphic).

What are the costs?

There are two sets of costs. The costs incurred by Slow Flip to acquire, sell and eventually liquidate the property to the contract buyer are built into Slow Flip’s purchase price from the current owner. The contract for deed premium of 4.5% to 7.5% is reflected in the contract for deed sales price to the buyer.

Can I qualify with bad credit?

There is no credit score requirement or minimum credit criteria to purchase a home on a contract for deed. However, credit information is important in order to understand the issues that may make it more difficult to eventually qualify for a mortgage, which is needed to pay off the contract for deed.

How do I know this is not a scam?

There are several checks and licensed third parties involved in the CD process. Slow Flip uses bank financing to first purchase the property from the current owner with a minimum down payment of 20%. All buyers are represented by either a licensed realtor or an attorney. The contract for deed is recorded at the county immediately after Slow Flip’s documents of acquisition from the current owner are recorded.

Can I use a different realtor than the one who referred me?

If a buyer is referred to Slow Flip by a licensed realtor, Slow Flip honors that introduction and will compensate the realtor upon the successful closing of the contract for deed sale to the buyer. There may be referral agreements between realtors and brokerages that Slow Flip will consider.

Can I pay off the contract for deed anytime, or is there a pre-payment penalty?

There is no pre-payment penalty. Slow Flip encourages contract buyers to pay off the contract when they are able, and when it makes the most financial sense to do so.

I’m in foreclosure, can I use this program to stay in my home?

The Slow Flip contract for deed program is designed as a home purchasing alternative. If there is currently a contract for deed, right to purchase, lease option, rent to own or other non-mortgage instrument between the prospective buyer and current owner, Slow Flip may be able to assist. If a homeowner with a mortgage is facing foreclosure, we recommend the homeowner sell the current home. With proceeds and other liquid assets, the homeowner may be able to qualify for a new home purchase with Slow Flip.

Can I buy any home?

Most Twin Cities seven-county metro homes, listed on the multiple listing service (MLS), between $225k and $800k and in appreciating markets, qualify for the Slow Flip contract for deed program. There are a variety of secondary criteria regarding the property that may impact whether it will be an acceptable property, such as size, condition, location, title condition and present ownership.

Can I buy if I have a lot of cash but no taxes or income?

To qualify for a Slow Flip contract for deed, buyers do need to provide documentable evidence of income. Paystubs, W-2s, tax returns, bank statements, fixed income statements, court orders (separate maintenance/alimony), structured settlement income, and asset depletion strategies, all qualify as income. Unfortunately, we are unable to assist homebuyers who are unable to document reasonable income.

Can I buy if I’m not a United States citizen?

Yes.

Is there a due-on-sale clause?

No

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Slow Flip, LLC (Slow Flip) is a limited broker and is NOT your agent. Slow Flip does not represent any buyer and the Slow Flip program is only available to buyers who are represented by a licensed realtor, licensed broker OR an attorney. Slow Flip is not involved and cannot provide advice concerning the buyer’s selection of a home, inspections, representations of the home’s condition, warranties on a home’s features/amenities, or any other topics for which advice and/or consultation is provided by the buyer’s licensed agent or representative.


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