The contract for deed process is different from the standard mortgage procedure in many ways. For example, there is no mortgage insurance requirement, and the closing cost structure and schedule is different. But when it comes to the task of actually looking for a home to buy, the process is very similar, whether you buy with a mortgage or a contract for deed. So when someone asks us how to find a home to buy with a CD, we say: the same way you’d find a home to buy with a mortgage!
Find a Realtor
At Slow Flip, we require all homebuyers to be represented by a real estate agent or attorney. This both ensures that your interests are protected, and makes the process go more smoothly for all parties. If you need help finding a Realtor, give us a call. We can connect you with a trusted Realtor partner. (Read about how and why we work with Realtors here.)
The next step: find a home! Open your favorite search engine and type “contract for deed homes near me,” “contract for deed homes in Minnesota,” “contract for deed homes for sale,” or something similar. Or, visit a real estate website and search there. Depending on the sellers, price or other variables, some of those homes may be available for purchase using a contract for deed. You may have better luck with homes that are for sale by owner, as those sellers are usually more motivated to sell quickly and with fewer fees.
Put Your Realtor to Work
If you find a home you’re interested in, ask your Realtor to check on the status, and whether the seller would be open to a contract for deed purchase. If you get the green light, contact Slow Flip, and we’ll take it from there!
The Slow Flip contract for deed program helps families in the Twin Cities metro area of Minneapolis, St. Paul and surrounding suburbs purchase a home using a contract for deed, or CD, when a mortgage is not possible. The Slow Flip contract for deed can be an ideal tool to purchase a home when buyers need time to adjust their income, credit, debts or other financial components so they can eventually qualify for a mortgage.
Are you or your clients interested in learning more about the Slow Flip contract for deed? Contact us at 952-417-0000 today.