Posted by kcm.MN on August 29, 2018 at 17:15:30 from (174.219.139.36):
In Reply to: Real estate question. posted by SodBuster87 on August 29, 2018 at 11:36:28:
As Jon said, C4D stands for Contract for Deed. There's almost unlimited ways to do the contract, but "usually" the contract is written up to slightly favor the seller. Meaning, you may have a contract for 100k. Let's say the owner is willing to carry the contract for 10 years (not sure how many will want to go that long). Let's say you pay out 'X' amount of $ per month, quarterly, semi-annually, or annually. This could be a smaller amount that leaves a balloon payment at the end of contract, or it could simply divide the 100k equally throughout the contract.
Many sellers like to have a balloon payment because, if the buyer cannot come up with that much at maturation, then the land resorts back to seller and they also get to keep the money paid in over the years. Some people will even try to sneak into the fine print other stipulations that will/may make things even tougher on the buyer.
But still, C4D can be a great way to go. That's how we bought a place once. Seller was a fine gentleman.
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