I have negotiated a deal with a seller to assign me her contract for deed.
This seller is super motivated. She and her guy both have families and want to marry. The house she purchased 5 years ago on a land contract is just not big enough. The house is in great shape, great neigborhood, etc.
They have already been approved for a rural housing loan. They must get rid of this house as fast as possibe to purchase another they have found.
Her loan to value is less than 50%. She is willing to “walk” for a fast and certain sale.
We have agreed that she will assign her contract for deed to me. We have the cfd holder’s blessing.
Can you folks brainstorm and give me a list of things i need to do to make this work. There is just sooooooo much equity on the table.
I know all of the short falls of cfd. I know the risks.
I would certainly run the title, get a quit claim deed from the seller, record my interest and constantly verify the seller is making the underlying mortgage payments.
I really would like to have executed deeds held in trust. I dont know if i can convince the note holder to do this.
I do know the note holder has a small mortgage on the property- thus he sold it subject to to the seller.
How can I work this deal so it is safe?
Ted_IL