Minnesota Contract For Deeds- Buyer Beware

The last several days I have been posting blogs and links to Minnesota Contract for Deed homes by Minnesota County.  I will continue to do that, but I think its also important to take a brief moment to talk about the BUYER BEWARE aspect of a contract for deed in Minnesota!

If your looking for a contract for deed in Minnesota you do want to know several things.  Here is a list to think about.

1.  Have an attorney handle the closing of your Minnesota contract for deed purchase.  This way you can make sure you have access to legal advice.

2. Contract for deed sellers with a loan could default.  You want some built in protection if the seller of a MN contract for deed home has a loan.

3. Rent to Owns are NOT contract for deeds.  Some people will advertise a Contract for Deed and offer a lower down payment.  You sign a contract, move in, and think you have a contract for deed.  Its probably a rent to own, not totally a bad thing, but the benefit of the contract for deed is that you have ownership in it and can refinance out of the contract when you can get your own loan.

4. To piggyback off of item 3 and 2. Some of these sellers will take a large down payment or deposit and then never make a payment and then you could find out later the home is in foreclosure and your deposit is gone…Not good.

Minnesota Contract for Deed Realtor

There are several other things to be aware of. The bottom line when your BUYING a contract for deed its a very good idea to work with a Realtor who is experienced in Minnesota contract for deed home purchases.  I can help!

Contact: Chuck Carstensen, REMAX Results, 612-290-3809.