Contract For Deed
In the state of Tennessee can I sell a property using the "contract for Deed" Or land contract if I have a mortgage on the property? If I can where would be the best place to purchase the contract? Off the web or hire a layer to write one for me.
You can visit the US Legal Forms website to purchase some CFD docs. They have forms and notices for each state.
Thanks,
Jarell
Make sure you check your state laws regarding selling with a CFD or Land Contract. Oftentimes they are very specific about what you can and cannot do, and the various rights of the buyer and the seller. Also, there are typically certain disclosures, etc., that go along with selling this way.
The lender will not allow the funds to come to me directly. We had to push the sales price up because the lender would not do a loan for a commercial property for $155,000. So basically the sales price is higher so I can get the equity I built in the property. He is trying to screw me. I have an attorney and we are dealing with it. Thanks.
This has nothing to do with credit repair -- the seller is trying to stiff you. If you have a contract, hold the seller to it. You may need a real estate attorney to write a letter on your behalf demanding "specific performance", i.e., the sale of the house as agreed. Unless the seller has some kind of weird clause in this contract, the equity should be yours. Good luck.
I’m not sure I really understand the question. If you have a contract to buy for $155k, the seller has no say in the equity – that’s yours. What does your original Land Contract say? Have you talked to your attorney? You may need to if the seller is trying to back out.
I purchase a house a bit over a year ago on a land contract for $70K. As the mortgage on the house had a DOSC, I felt more comfortable refinancing it. The lender had an appraisal done, came out at $87.5. That is the number the loan is being based on. In my case, I wanted limited cash out, since I needed to maintain a .75 LTV for a good rate without mortgage insurance. The lender has approved the loan; the mortgage will be paid off and the rest will come to me.
So what is the problem? Perhaps you need a new lender, not a lawyer.
Chris