Ask Experts Questions for FREE Help !
Ask
    tuckercountry's Avatar
    tuckercountry Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 1, 2008, 02:42 PM
    Selling a home contract for deed
    Hi, I want to know if anybody knows if you can sell your home contract for deed to someone, when you still owe money on it to a mortgage company or if it needs to be paid off. This home in question is in Minnesota if that make a difference on state laws.

    Thanks for any help

    Tuckercountry
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
    Expert
    		  
    #2

    Jul 1, 2008, 02:55 PM
    What you are suggesting is fraud and I think it is the same in any state. No, mortgage has to be either transferred or paid off to sell your house.
    jim70's Avatar
    jim70 Posts: 1, Reputation: 1
    New Member
    		  
    #3

    Sep 2, 2010, 05:49 PM
    You can sell on a contract for deed with the approval of your loan company. However you still are responsible for the loan. If the buyer does not keep up with the payments then you must pay them.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Selling a House that is under Contract for Deed [ 5 Answers ]

What a great site for information, I hope that others don't mind giving me their insight on our situation... I have spoken with my attorney and gotten his opinion, but like everything there are 3 ways usually to do one thing. We bought a house 3 years ago from friends of my inlaws with a...

Selling an investment property contract for deed [ 2 Answers ]

One of my tenants asked me if I would be interested in selling the my investment property on a contract for deed basis. I don't have any specifics yet. My questions are what are the pros and cons of selling the property this way? What risks do I bare as the seller? What do I need to ensure is...

Buyer Selling a home they have on Land Contract [ 4 Answers ]

I have a land Contract on the home we live in now. We are getting a new home. I have been told to sale the house we live in now. Pay off the Land Contract and keep the profit. Can you do this? How? Thanks

Selling home--considering accepting land contract offer [ 18 Answers ]

Hi, I've had my home in Pittsburgh on the market for the past 7 months. With the real estate market taking the downturn that it did, I've had few if any offers on the home. The home is priced right according to a recent appraisal, so I'm not worried that it's over-priced. Still, it just sits...

Selling for a Contract for Deed-good/bad? [ 8 Answers ]

From what I have seen here some make $ from contracts for deed. I just want to sell and move on. The terms are 19 grand down and a 2 year ballon along with monthly payment and 7.5 interest. It has me worried that they could default and get ugly. But that's a the risks I guess. I have been told that...

View more questions Search