Contract for deed contract

[Reid Frohlich]

I am considering seller financing of a property that I own.  I have been  told that a contract for deed is the best way to do this.  Please let me know any positives or negatives about contract for deed.  State of Kansas.

Thanks

Reid

[Chris Seveney]

@Reid Frohlich

I invest heavily in contract for deeds. What you will want to do is

1. Get an attorney to give you pros and cons of a CFD vs conventional mortgage and note

2. Get a licensed mortgage loa. Originator on board as if it’s an owner occupied borrower you need to make sure they qualify for Dodd frank

Pros - quicker to get property back in most states as it’s a forfeiture not a foreclosure

Downside: if they do not take care of property and their are code violations - they go against you (and any other property you own in that jurisdiction).