First lets look at the difference.
Minnesota Rent to own homes are simply renting the home till you buy the home at a future date. You set a price you are purchasing the house for and a day you will buy it buy. You have the option of not purchasing the home if you do not want to so that is a benefit to some people but remember you wont get your down payment back or any of the payments you have made to the owner/seller.
For tax purposes you can’t write off the rent to own homes interest on your personal taxes as of yet?
Rent to own works on all types of properties.
One important issue you will want to look into if you own a condo or town homes you will want to check your by-laws to make sure you can do this. If you don’t understand the big thick book / by laws you should seek legal help. Preferably a law firm that works with real estate contracts.
Buying a home contract for deed can be a great way to buy a home with out getting a mortgage- Qualifying is usually simple sometimes owners may want a credit report or pay stubs to see you have a job and can afford the home.
Don’t fall into these Gimmicks from sites stating sellers don’t check anything and no credit check or a few thousand dollars down to do a land contract. It is a way for you to call them. Remember they are in sales people and want you to call them.
It costs sellers thousands of dollars to sell a home with Owner financing in Minnesota and Wisconsin and I am sure in other states as well. So think about it why would a seller pay thousands in closing costs to realtors- the Government –the title company so you can put a little bit of money down it doesn’t happen.
You can do it with rent to own homes because you are not using a title company you are just writing and signing a lease or rental contract.
Does not need to be recorded. In Minnesota you must record the MN land Contract also know as a contract for deed with 60 days of executing the deed. You will want to record this document at the county of the home.
We recommend all Sellers have a Real Estate professional who works with contract for deeds to draft your purchase Agreement. They will know what to do for buyers qualifying to buy the house-home-Condo Ect.
If you prefer a law office that is good also. Somebody who knows contracts is the key. Don’t just hire any lawyer or realtor. Look at it this way. If you go to a doctor for your foot you wont want to go to an eye/nose doctor to get your foot looked at same with real estate. Realtors –lawyers have different specialties than others. Some are do it all but not sure if I would go that route unless they have sold contract for deed homes in the past.
When buying a home with Owner financing/contract for deed you will want to know the person you hire does actually write contract for deeds and has done them in the past. You wont want a newbie for this. There is a lot to know remember they are basically drafting your future mortgage.
For quickest way to buy or sell a home with owner financing is to
We try to respond to all phone calls as quickly as possible but sometimes we are out showing homes-drafting purchase agreements dealing with the closing part of the sale.
Questions you may have.
1. Can I buy a home with bad credit. >YES
2. I had a foreclosure-> YES
3. Short Sale >YES
4. I am self employed no Problem > YES
5. Things you will need to buy a home contract for deed in Minnesota is usually 10% down of the sale price of the house you are seeking is key sometimes the sellers may want more but if you have 10% to put down of the sale price for the contract we will find you a home.
OR SHOW YOU HOMES OR DISCUSS ANYTHING PERTAINING TO REAL ESTATE. YOU WILL NEED TO CALL YOUR REAL ESTATE BROKER-REALTOR FOR ADVICE.
6. IF YOU ARE A REALTOR AND WANT TO REFER YOUR CLIENT PLEASE SEND US A EMAIL. THANK YOU.
Sometimes we can get you a mortgage and go that route if enough time has past on your credit situation.
11-county metropolitan area: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington, and Wright. These counties include the cities of Minneapolis and St. Paul (the Twin Cities) and contain about 60 percent of Minnesota’s population. You will find more Properties available in these areas.
For all homes for sale on the real estate market you may search the mls