Tuesday, November 26, 2013

MN owner financed homes-contract for deed listings-rent to own homes Minnesota

INFORMATION


Minnesota contract for deeds -Owner financing MN-WI

MN Contract for deeds

MN Contract for deeds are different than a Mortgage. Contract for deed MN are an agreement to buy a home from a seller while the seller keeps ownership rights of the home. The buyer makes thier payment directly to the seller for a certain number of years usually 3-5 years on average. Their is a balloon payment of the remaining balance. The buyer may sell the home during the time of the contract and keep all the proceeds above the contract amount. Usually the buyer refinances the property.
What is included in the monthly contract for deed payment?
The monthly payment includes principal-interest-most of the time taxes and sometimes home owners insurance. Most of the time the buyer gets a insurnace binder and pays it and provides proof to the seller it is a lot easier than the seller making the payments.
Who is responsible for repairs and up keep to the property?
The buyer is responsible for the mainenance, including the cost if there are any. In a MN contract for deed the seller usually has an amoount the buyer must stay in with consent of not going above that amount with out written permission.
Buyers rights. How long do buyers have before the seller can cancel with out payment?
In Minnesota a contract for deed can be cancelled if the buyer misses payments for 60 days. Anytime the buyer may catch up the payments so the contract wont be cancelled. If the seller files for a cancellation the buyer will be responsible for the fees.
Are there closing costs for contract for deeds?
There are alot less closing costs than a typical mortgage. NO origination fee-Appraisal-mortgage insurance-closings costs on a land contract are a fraction of a mortgage. 
We strongly recommend using a title company when closing on a contract for deed purchase or use a law firm. They will prove a title search to ensure the seller is the legal owner. They will also use a Minnesota uniform conveyance form and record the contract for deed at the county recorders office that the home was purchase in. MN State law requires the contract be recorded within 4 months of the closing.
This is for the buyers protection.
Will I need to have a down payment?
Yes the sellers will always want a down payment to enter into a land contract. Usually it is around 10% of the sale price sometimes the sellers may want more money down to reduce their risk.
The down payment will come of the sale price and the payment will be based on that.
What happens if the balloon on the contract comes due and I cant get approved for a Mortage loan?
Contracts are usually between 3-5 years it is very important that the buyer gives themselves enough time to get a mortgage and work out any credit issues or what ever is holding the buyer back from getting a mortgage. I recomend trying to get a Mortgage-loan at least 1 year before the contract is up. If the buyer cannot get a loan talk to the seller and see if they will extend the contract. If you made payments on time the seller will most likely extend the contract they do not want the home back they would rather get cashed out. If the seller will not extend the contract the buyer may sell the home and keep the proceeds above the contract price that is owed. 
What happens if the seller does not make the mortgage payment on the contract for deed and gets foreclosed on the house?
We recomend you have something in writing that states the seller will make payments or you may make payments directly to the mortgage company your self. We draft in the purchase agreement information that protects the buyer from this situation.
What is the difference between a contract for deed and rent to own-lease options?
There is a big difference. Rent to own or leasing means you are renting with the option to buy the property at a future date. You become a tenant and the seller is the land lord. The seller is responsible for repairs in some cases that is all negotiable. Same with taxes- and home owners insurance. The tenant is usually required to make a large non refundable down payment when entering in the rent to own or lease option. With the contract for deed in Minnesota the buyer gets to do some updates to the home-fence-painting-have pets-write off the contract for deed interest on thier income taxes where rent to own or leasing the tenant doesnt get those options. 
 We serve all the cities in Minnesota for owner financed homes-land contract for deeds.
Take alook around our site you will find everything you need to learn the process of contract for deeds -rent to own. MN cd homes can be tricky we recomend using a Realtor that has knowledge in this field.
You will find us on Google-Yahoo-Bing-Ask-Aol-Msn-Craigslist you name it you will find us. We Specialize in MN contract for deeds. IF for some reason you dont see something you are looking for ask us we have more Owner financed properties in MN-WI to show you.
We have 100s of owner financed properties thru out the entire state of Minnesota and Western Wisconsin.
Types of properties you will find  River front condos-town homes-cabins-acreage-farms-hobby farms-single family real estate-duplexes-lake front homes-Waterfront properties-MN lakeshore
lake access properties-lake view-lake lots-new construction-MN rent to own properties-MN lease option to purchase.
Minnesota owners will finance their property so you may purchase a house and build your credit up if need be.
I want to buy a home but have bad credit?
You can have-a bankruptcy-bad credit-or previous discharged bk-cant qualify for a mortgage-job history-moving from out of state and have lack of job history-divorced-no credit history"
Dont LET YOUR CREDIT HOLD YOU BACK FROM OWNING YOUR DREAM HOME WE CAN HELP EVEN IF YOU CANT QUALIFY FOR A Mortgage-
If you havea had a foreclosure-Short Sale-Self Employed-Relocation-Low credit score
Email us for the quickest response.

ANOKA COUNTY MINNESOTA
Anoka-Ramsey-Ham lake-Coon Rapids-Blaine-Andover contract for deed houses-town homes-acreage-hobby farms- http://www.mnhomescontractfordeed.com/anoka-county
CARVER COUNTY MINNESOTA
Prior lake-shakopee-savage
CHISAGO COUNTY MINNESOTA
Chisago-lindstrom-stacy-North Branch-Wyoming
DAKOTA COUNTY MINNESOTA
Burnsville-lakeville-Eagan-Apple valley-West st.paul-Mendota Heights
HENNEPIN COUNTY MINNESOTA
Minneapolis-Champlain-Brooklyn Park-Brooklyn Center-New hope-Plymouth-Minnetonka-Bloomington-Eden Prairie-Edina
RAMSEY COUNTY MINNESOTA
Saint Paul-Shoreview-White Bear Lake-Woodbury-Vadnais Heights-Roseville-
SHERBURNE COUNTY MINNESOTA

WASHINGTON COUNTY MINNESOTA
Woodbury-Stillwater-White Bear Lake-Grant-Dellwood-Mahtomedi-Oakdale-Birchwood-
PINE COUNTY MINNESOTA


 BOARDWALK PREMIER REALTY INC
MN contract for deed company
We have sellers offering contract for deed terms thru out MN and Western WI twin cities metro area and suburbs.
Steve Vennemann
651-334-8312



Minnesota and Western Wisconsin land contracts-listings-rent to own-owner financing

MN Land Contract


What is a Minnesota Land Contract?

A MN land contract is a contract between the buyer and a private seller of a property, wherein the seller holds the title or deed to the property until all agreed upon payments have been made in full. Because the laws governing land contracts can vary by state, it is important that the governing laws be consulted to understand the particular rules that control a specific scenario. The property at issue within a Minnesota land contract may be improved or unimproved, vacant, or a home or a commercial building. A down payment is usually made, and then equal monthly installments are paid until the property is paid for or until a balloon payment is required. A balloon payment is a lump sum of money that is due at a specified time, in this case at the end of the course of monthly payments.

A MN land contract can be compared to Minnesota renting or lMinnesota easing with the MN option to buy, though they are not entirely one in the same. Such options are different in that the agreement is usually filed and is a legal arrangement, giving the renter or lessee the option to buy the property at a prearranged time during the loan. Rent payments then become equity in the property.
While Minnesota lease-to-own or Minnesota rent-to-own agreements are typically recorded, a MN land contract may not be, making the legal recourse of the buyer tenuous should the agreement be flawed in some way. For example, if the seller still owes a mortgage on the property, the buyer assumes that the seller will use his monthly payments to pay the mortgage as well as any taxes or other liens, keeping the title free of encumbrances. If this occurs, the buyer owns the property free and clear at the end of the contract. If the seller does not keep up with payments owed, there could be trouble for the buyer. For this reason, getting the agreement in writing is important.

While a MN land contract can seem very attractive to a buyer that is unable to secure a conventional loan, there can be pitfalls to such an arrangement. Many sellers don''t file or record the proper papers. Sometimes this is because their lender would not agree to a sublet agreement or land contract. The lender may have stipulated that the borrower must have possession of the property. Making an end run around this provision by refusing to file the land contract can cause problems if the lender becomes aware of the situation.

The lender can demand payment in full of the loan, forcing you to procure a loan to pay off the mortgage if you don''t want to give up the property. If you can''t come up with the money, you''ll lose everything you have invested in the property and be forced to move out. This can be especially painful if you have also spent money and energy improving the property.

Even if there is no mortgage on the property, there can be back taxes or other liens that the seller owes, which could cause you to lose the property or force you to come up with extra money. If you decide to take part in a land contract, make sure the title to the property is clear. Make sure the seller intends to file the proper papers to insure that you have some protection.

A MN land contract can be beneficial to buyer and seller alike as long as everything is above board. If you are unsure about any aspect of a land contract, consult with a real estate lawyer and have him or her look it over.
 BOARDWALK PREMIER REALTY INC
651-334-8312
CONTRACT FOR DEED HOMES IN MN-WI