Land Contracts
I've found roughly 10 vacant houses in my old neighborhood where I grew up.
2 questions:
1) I have a good friend in the tax assessor's office who can give info. Should I just try to find the homeowners and do a Sub2 provided a deal makes sense?
2) Are land contracts legal in Louisiana, or is an installment option-type contract the way to go?
-Newbie :-?
1.) ONLY if you want to make money. Keep an open mind, sub-2 may not apply.
2.) dunno.
I'm assuming that Louisiana has some version of Land Contract. But Louisiana state law is very strange ( something about the Napoleanic code versus English Common law). So the advice of a good local attny would be useful. How about posting the results when you find out?
I have a good friend that owns an escrow company. He said that bond for deed and installment options are the norm in LA. Thanks for the response.
Newbie
bond for deed and CFD (essentially one in the same) are used all the time down here, however, you may also hear that BFD and CFD do not trigger or violate the DOS because you are protected by our state law. most cases this is true, but, as you are aware of we live in the state of louisiana but governed by the parish. if you buy on sub-2 and sell BFD, CFD check your parish if you are required to record such transactions. if you are this may negate the protection of the BFD and DOS, in which case you are open to a disclosure to the lender concerning your sub-2 transactions.. i thinki just confused myself (lol)
i hope i made sense..good luck
regards-pat