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MUST SEE, wonderful 4 bedroom, 2 bathroom, 3 car garage home with a fully fenced in flat backyard. Beautiful updates throughout the home including a luxuriously updated kitchen with stainless appliances, quartz countertops, an open concept design, with a breakfast bar. Incredible original hardwood floors throughout the main level with 3 bedrooms and 1 bathroom on […]
Also available for Contract for Deed. Beautiful Remodeled 4 Br, 2 bath Home / Wayzata School! Prime location to downtown, walk to Medicine Lake Beach and Park. This home offers Granite countertops, Backsplash, New Carpet, Energy Saving LED Lights, SS Appliances, Laminate Flooring, updated doors interior/Exterior, updated Plumbing and Electrical Fixtures, Fresh Paint on all […]
Welcome to this stunning one-level end unit townhome! The 2 bedroom home offers no interior or exterior stairs and is situated on a private backyard lot! Stepping in you will see the wood flooring, 42″ tall cabinets, stainless appliances and plenty of natural light through the large windows. Next you enter the large eating area […]
Beautifully updated 2 story home on a large private 1/2 acre in a premier neighborhood in the Minnetonka school district. This expansive lot with large mature trees extends deep into the woods creating a quiet natural sanctuary to enjoy. Rare find with 5 bedrooms all upstairs including an owners suite 3/4 bath. Entire main floor […]
Location, Location, Location! The home is less than 2 blocks away from Armatage Elementary School, a few blocks away from award-winning restaurants, a short drive to 50th & France or the Galleria and easy highway access to the Twin Cities. While at home, relax on the oversized two-tiered wrap around deck that is nestled in […]
Welcome to this tranquil setting in Woodland Ponds East. This cul-de-sac, end-unit location offers privacy overlooking great green space. Very spacious home with additional square footage that other townhomes in this development don’t offer. Over 2000 finished square feet with roomy living space, tile floors, TWO dual-sided fireplaces, granite countertops and stainless-steel appliances. Entertain in […]
Minneapolis and Saint Paul
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Steve Vennemann Contract for deed realtor
Contract for deed Financing
How a Contract For Deed Works
Is contract for deed the right option for me?
Benefits for contract for deed
Seller/buyer benefits:
- Both the buyer and the seller can make substantial savings in Closing Costs
- The contract for deed buyer can Negotiate interest rate, repayment schedule, and other conditions of the loan.
- The cd buyer can request special conditions for the purchase, such as inclusion of Household appliances.
- The borrower does not have to qualify with a loan underwriter.
- There are no PMI insurance premiums unless negotiated.
- The seller can receive a higher yield on his/her investment by receiving equity with interest.
- The seller could negotiate a higher interest rate.
- The seller could negotiate a higher selling price.
- The property could be sold “as is” so there will be no need for repairs.
- The seller could choose which security documents (mortgage, deed of trust, land sales document, etc.) to best secure his/her interest until the loan is paid.
- Contract for deed buyers can close on a property within 10days if they choose too. Closing could be faster if they choose not to do a home inspection that usually takes a few days to be completed along with title work.
- Sellers usually require 10% down of the sale price of the house to do a land contract. Credit usually isn’t an issue. We have sold homes to buyers with bankruptcy-short sales-foreclosures-tax liens-short term employment-relocation and much more. Buyers do not have to go thru the whole process of underwriting-appraisals-cheaper closing costs.
Sellers will carry the contract for usually 3-5 years on average. Rates are fixed usually on 30 year amortization schedule.
There are 100s of properties to chose from when it comes to Owner financing.
We recommend Contract for deed Financing over Rent To Own or Leasing.
Home Owner ship verses renting.
The buyers get tax breaks with Contract for deed financing.
- Home Owners get to change the paint.
- Have pets.
- Build equity.
- Sell the home if they choose to and take the equity out.
- Quick closings.
Rent to Own .
It is actually what the name is the Renter rents the properties for a certain period of time with the option of purchasing the house for a set price. Usually a small portion of the Rent goes towards the purchase price.
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