The contract for deed process is one of the more popular transactions in this real estate market.
Blaine, MN (PRWEB) February 27, 2013
Edina Realty's Kris Lindahl visited Blaine, MN yesterday morning to showcase the launching of a new Contract For Deed Application website. The website allows homeowners to easily access an application by submitting their email address. In addition to the website Lindahl also released the Blaine Contract For Deed video on YouTube.
Lindahl is the recent recipient of the Chairman's Award, the highest honor an Edina Realty agent can receive, for excellence in sales and sales volume. His blend of real estate and technological expertise have earned him a five-star rating from clients.
"The contract for deed process is one of the more popular transactions in this real estate market,"Lindahl said. Contract for Deed transactions allow a buyer to purchase a home without the bank being involved. Essentially the seller is the bank for a period of time.
A common contract for deed in this market involves a 3-year balloon. This means that at the end of the agreed-upon three years the buyer will get a mortgage loan to pay the seller off. Payoff amount at the end of the three years would be less the original down payment and the monthly payments the buyer was making for the previous 36 months.