We have a contract for deed. It’s coming due. Where can we get someone to buy the C4D? We have never missed a payment, but aren’t quite ready to get a conventional loan yet. ??
How Can I Find Someone to Refinance My Contract for Deed?
Refinancing Loan
How to refinance loans
You can’t refinance because you don’t have title to the property and you won’t get title until the contract is paid in full. This is very risky. While you are building you payments liens could be attaching to the property or the owner could die. You mention that it is “coming due.” Must be a balloon payment situation. If you can’t get conventional financing, suggest owner financing. You are still building payments to him/her but the title is in your name and the seller holds a conventional mortgage on the property.
You really do not have anything to refi. You do not have a loan.
It is time to exercise your right to buy or walk. You can go conventional or FHA.
I finance real estate in south texas. If your here i would probably consider it… ( your probably not in south texas) .. but with the contract for deed, the property will need to be transferred into your name and the balance paid to the person carrying it for you… If I were to finance it,(or any one else ) I would want an owners title policy and a mortgagees title policy.. Hopefully your contract for deed calls for the person selling it to you to furnish you with a new owners title policy when you pay it off. The mortgagees title policy it not expensive but the owners title policy will cost about one percent of your unpaid balance on the loan.. if you have any questions, email me here at yahoo answers… good luck Also your contract for deed is not that terrible of a deal if the person carrying it for you is an honest person.. some of the folks above are incorrect.. its some what risky if you have a crook doing it for you.. but 90% of the people are honest.. and Id say the person doing yours probably is honest.. I map there was a reason you owner financed with a contract for deed… some times that is the only way folks can get financing because of past credit or etc…It sounds to me like its worked for you up to this point.. surley the guy will renew it for you.