Qualifications
Our program starts with YOU! Before we get too deep into specifics, all Slow Flip contract for deed buyers MUST be represented by a Realtor or attorney. Since attorneys usually don’t have access to the MLS or show homes to buyers, YOU are integral to the success of your client with the Slow Flip contract for deed program. So, rest assured that your involvement in any transaction with your client is protected with us at Slow Flip.
Realtors are important members of the Slow Flip team! More than three-fourths of Slow Flip transactions originate from Realtor or other industry referrals. We can help make your client’s dream a reality.
Learn more about our realtor commission structure and contact us to get started.
It is much easier to start with the details of your client’s circumstances to determine if the Slow Flip contract for deed program is the right fit for them.. and for us. If your client is ready to purchase a home, start with why a mortgage is not an option. Usually the response is credit related, sometimes recent self-employment, a dip in income or medical related events have disrupted income or credit. We can help in many of these cases, but all Slow Flip contract for deed clients must meet the following primary criteria:
- A minimum of 10% down payment
- Reasonable debt-to-income ratio for the target home price
- A plan to pay off the contract for deed within five years.
If your clients sounds like a good fit for a Slow Flip contract for deed, please contact us to discuss the details.
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Costs
Slow Flip contract for deed buyers pay a price premium of 4% to 11% of the price that Slow Flip pays for the home. The down payment, price range, and speed of payoff all impact this premium. This premium expense can be shared with the seller as well.
As an offset to the stand-alone premium, there are substantial advantages and cost savings that may help the client better understand the benefits, as compared to not purchasing now:
- There is no mortgage insurance (because a contract for deed is not a mortgage). FHA mortgage insurance will range from 2.55% to 5.75% over the five year period of the contract.
- Buyers will benefit from home appreciation and from any home improvements they make.
- Buyers are not subject to a landlord’s decision about rent increases or deciding to sell the home.