I’ve heard rumor that we shouldn’t be selling on agreement for deed in texas anymore. Anyone know about this? If not doing owner financing on agreement for deed then how should we sell??? Trust deed? How does that work?
Kristi
From what i have heard too c/d are now harder to enforce and foreclose on than the deed of trust. Someone abused the homeowner on a c/d so badly that new laws have been passed making it easier just to deed them the property and use owner financing with a note and deed of trust and to foreclose at the courthouse if a default occurs. The c/d are not illegal to use but maybe frowned upon. I hope some more members can give some more info here too.
Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
… you’d have to be pretty silly or have a really good reason (and I can’t think of any) to sell on a Contract for Deed in Tx.
The laws changed sometime back – check with the Texas A&M Real Estate Center for details. The new regs raise the cost of doing business with CFDs significantly.
Since, the primary reason for using them in the first place was low cost (to execute and to foreclose) – that’s now moot.
DOT’s are now simpler, easier, and cheaper.
Don’t be a chump. Read up on the laws (yes, they do apply to you) and understand what can happen to you, your property, and your wealth. It ain’t pretty.
Need more info? Just ask.
Take care,
Eric C
Eric:
I am trying to email you regarding a question I have on one of your previous posts. I sent you a private message on here but not sure if that functionality works.
Could you ping me at rgrunnah@yahoo.com please and I will write back with the question?
Thanks!
Robert