Buyers who can’t get a mortgage are turning to contract for deed. it’s very popular in Maple Grove, Plymouth and Brooklyn Park. Sellers who can’t sell, but have equity are considering contract for deed to cash flow. It’s a win win for both parties. Simplified, the seller acts as the bank, the buyer makes the payments to include taxes and insurance with a set interest rate for a contract period usually 2-5 years. At the end of the contract the buyer refinances with a mortgage lender, seller is paid in full and both parties have solved the immediate need to buy and sell a property in todays market. Every situation is different but I’m finding that buyers who may have blemished credit and can’t qualify for a mortgage with a lender, but have a good job, money to put down are great candidates for contract for deed. The big bonus is that a contract for deed will qualify you for the home buyers tax credit. This could be for you! Please contact me for more information. Hurry to qualify for the IRS Tax Credit you must have a signed contract by April 30th!