Minneapolis, MN (PRWEB) March 06, 2013
Kris Lindahl of Edina Realty will be in Minneapolis, MN over the weekend to host a contract for deed resources seminar. "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.
At the seminar Lindahl will demonstrate the new Minnesota Contract For Deed Application website that he created. The website allows homeowners access to an application simply by entering their email address. "This is a step forward in accessibility," Lindahl said. Lindahl will also screen a video pertaining to the contract for deed process.
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.