Essentially the seller is the bank for a period of time.
Centerville, MN (PRWEB) February 27, 2013
Edina Realty's Kris Lindahl detailed the Centerville contract for deed process in Centerville, MN yesterday afternoon to a full audience. Lindahl showed the audience how to access and use the Contract For Deed Application website. Homeowners can use the website to get easy access to an application by simply filling in their email address.
"The contract for deed process is one of the more popular transactions in this real estate market," Lindahl said at the seminar. 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," Lindahl explained.
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.
Kris is a real estate professional with the following designations: Certified Distressed Property Experts (CDPE), Short Sale & Foreclosure Resources (SFR), and Council of Residential Specialists (CRS).