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re: Bond for deed - bad idea?
Posted on 6/18/15 at 3:46 pm to LSUFanHouston
Posted on 6/18/15 at 3:46 pm to LSUFanHouston
To be quite honest, if you have low information on the seller end and/or low income/low down payment/bad credicks on the other it has an elevated probability of ending in tears.
Protect yourself and read through the agreement very carefully, and make sure you vet the heck out of this potential buyer. Verifications of Employment, Assets, etc. are perfectly reasonable and called for.
Don't offer this to a deadbeat. Do your homework. Make them put a chunk down and make sure you have your exit strategy clearly defined and easily accessed if things go pear-shaped.
Protect yourself and read through the agreement very carefully, and make sure you vet the heck out of this potential buyer. Verifications of Employment, Assets, etc. are perfectly reasonable and called for.
Don't offer this to a deadbeat. Do your homework. Make them put a chunk down and make sure you have your exit strategy clearly defined and easily accessed if things go pear-shaped.
This post was edited on 6/18/15 at 3:47 pm
1
Posted on 6/18/15 at 4:08 pm to GFunk
What would you consider a good chunk? 5%, 10%, or more? Any idea on what the general structure on these deals are? From what I read, they put down a certain amount that they forfeit if they do not go through with the purchase. They also make a monthly payment and a portion of it goes back to them along with their original deposit at the time the deal is closed. Is that pretty much how they work? As far as the current mortgage on the home, I am still the one that pays it, correct? I would not want to depend on someone else to pay a mortgage in my name.
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