Contract For Deed

Is anyone having a hard time getting contracts for deed with their buyers refinanced?

Comments(17)

  • cjmazur14th March, 2009

    find out who the section-8 for housing program counselor is. After going the counseling, that can get approved to use the amount of the section 8 voucher as payment on a mortgage.

  • commercialking15th March, 2009

    Chet:

    Have you got more information on that program?

    Mark

  • cjmazur15th March, 2009

    http://www.hud.gov/offices/pih/programs/hcv/homeownership/

  • bargain7620th August, 2009

    John... The market down here is wonderful to buy in...and terrible to sell in. Lenders are using every instance or situation to delay funding the deal.

    We have a contract to sell our clean, neat 1200 sq. ft. fully rehabbed home...for $69K. Barely breaking even...and the mortgage company is questioning, once again, the area comps. Can you say: Redlining?

    Other areas of town.... the mortgage Lenders are questioning the values on a $129K property that previously sold for $240K. And our town also never experienced the run-up of prices. Lenders are not lending here now. Over.
    [addsig]

  • rglover5481st October, 2009

    who is deleting these posts? im sure i responded more than once.

  • johnnyvegas00716th October, 2009

    Who is Wendy? where did you find her book?

  • stangboy0413769th June, 2009

    In NY they passed a bill a couple years back called the Equity Theft prevention act (or something like that). Basically it is a bunch of disclosures drawn up by the atty that the seller signs if the property is behind in payments/in foreclosure. Not sure if other states follow something like this. As far as the tax credit goes, it would only apply to the end buyer you sell to if they are getting a new loan to purchase the property.

  • L2P10th June, 2009

    Thanks so much for your advice. Very informative. Knowledge is power!

  • stangboy04137618th June, 2009

    No problem,

    I just completed my first sub-2 deal last week from start to finish. When I took over the payments, I claimed all the interest and writeoffs when I filed my taxes. Sub 2 is a beautiful thing, just make sure theres equity there.

    Thx

  • jingle3rd July, 2009

    I am new to this site and I question the response that was posted regarding claiming ALL the tax and interest on a sub to. It sends a red flag to really taking seriously any of the responses... The sub to buyer is only entitled to the taxes and interest the buyer "paid" and that cannot be claimed until the 2009 tax return is filed.

  • northwest014th July, 2009

    These are very true words
    As some just get in the moment and word things a bit wrong

    But if you are looking for perfect words and everything stated the perfect way

    This will just be a hard way in life

    iam sure they were trying to say they were and are going to claim the full tax break when the time comes

    PLS do enjoy this site

  • worknomore6th July, 2009

    I think the words do pay a important role. I am a bit confused: What are the tax benefits in a subject to transaction?

    The loan is in the sellers name. Can they claim tax benefits on this loan? I am not sure how the Sub2 buyer can claim any tax breaks, since the loan is not in the buyers name.

    Please clarify.


    [ Edited by worknomore on Date 07/06/2009 ]

  • northwest016th July, 2009

    They can as the property is in the buyers name

    They have all the tax breaks but they get none of the breaks as in the intrest on the loan

    All other tax breaks dealling with ownnning real estate go with and to the buyer in the sub-2 deal

  • northwest0121st October, 2009

    HEY L2P

    Was wantting to know what are the documents you use at your kitchen table close ?

    As well what documents do you get from the seller at the same kitchen table close ?

  • northwest0118th November, 2009

    YES / NO

    What iam saying is yes it could get costly

    No you do not all ways have a ready buyer / renter

    But you should be getting a renter /buyer list in place while you are looking for your sub-3 deals as well

    This should be just part in your every day real estate business FULL SERVICE

  • johnnyvegas00722nd December, 2009

    Come on guys... It does not matter who holds the loan. if you bought sub 2 and are the new owner of the property. and can prove that you are making the payment... You are in effect paying the interest... Write off the interest that was paid by you... Dont complicate things.

  • jminge24th December, 2009

    If you make the mortgage payments, then you are entitled to the tax write-offs for the mortgage interest that you paid. Same for paying property taxes.

    As for documents, I would recommend you get a qualified written request signed by the seller at closing. Under RESPA law you can send the qualified written request that asks the bank to change their mailing address to your address for the loan. That means you will start to receive all written correspondence from the bank. You can also use this to contact the insurance company also.

    Jennifer

    [ Edited by jfmlv1950 on Date 12/24/2009 ]

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