Owner Carry vs Contract for Deed

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Icon Mini Profile teeblackman





Joined: 19 Jan 2011

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Post Posted: Thu Jan 20, 2011 1:32 pm    Post subject: Owner Carry vs Contract for Deed
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Let me see if I have this straight. A contract for deed is the process for an eventual purchase of property. And an owner carry is just the terms of such contract, correct? But can't you have one without the other, and why would someone have an owner carry without a contract for deed? And how does the seller regain possession of the property being sold? Isn't if a different process for an owner carry than it is for a Contract for Deed?
Icon Mini Profile adonis
adonis




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Post Posted: Thu Jan 20, 2011 7:58 pm    Post subject:
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Hi teeblackman,

You should contact an attorney and he will be able to explain the legal issues regarding the deal. If you are unable to pay off the mortgage as per the owner financing contract, the seller can foreclose the property in order to get it back.

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Icon Mini Profile teeblackman





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Post Posted: Fri Jan 21, 2011 9:25 am    Post subject: Owner Carry vs Contract for Deed
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I am a realtor, I was just searching for info for a buyer. I was told that a contract for deed would have to go through the whole foreclosure procedure and that an owner carry could just go through the eviction process. Is this true? If know one has an answer I will keep researching. Thanks!
Icon Mini Profile jameshogg
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Post Posted: Sun Jan 23, 2011 9:54 pm    Post subject:
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Hi teeblackman,

I haven't heard of any such rule regarding owner finance or contract for deed.

Thanks
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