What Are the Requirements for a Contract for Sale? (3)

3. You probably cannot get any financing based on your contract. Most lenders will not consider a contract for sale sufficient interest in the property to give you a loan based on it. Hence, you probably won’t be able to get out any money you’ve paid in. And you won’t be able to get a mortgage until you actually conclude the contract and get ownership. Continue reading “What Are the Requirements for a Contract for Sale? (3)”

Why Would a Seller Want to Give Me a Contract for Sale?

The single biggest reason that sellers have historically used a contract for sale is the ease with which they could eliminate your interest in the property if you failed to keep up the monthly payments. If you don’t make the payments, you’re out. Years ago this meant that some unscrupulous sellers would institute “self-help evictions”- they would bodily throw the buyers out of the property. Continue reading “Why Would a Seller Want to Give Me a Contract for Sale?”