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re: Bond for deed - bad idea?
Posted on 6/18/15 at 9:19 pm to cdl2006
Posted on 6/18/15 at 9:19 pm to cdl2006
I bought my first house bond for deed. Wife and I were young and had some credit,but not enough. Put $15,000. down on a $65,000. dollar house. Three years later Metairie bank was able to lend us the money to pay off the bond for deed. The key to this working is they have to have a lot of money to put down or I would not consider. If the buyer has no skin in the game, it makes it very easy to just walk away just like they were renting from you. Think of a number that makes you say,I don't care if they walk away. My two cents, good luck.
Posted on 6/18/15 at 10:45 pm to TIGER2
I appreciate the input from everyone. I guess I will just wait to see what the details are and hope for another offer from a qualified buyer in the meantime.
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