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saintreander2 · Jun 24, 2007, 07:51 PM

I have a contract for deed and I am starting to mistrust the seller.
After reading all these answers from those who deliberately set up a bad credit person to
Knowingly set that person up is getting me upset.
What id like to know is could somebody please post some info and some help for one who is really trying to repair credit and give the seller a better price for property after it sits on the market forever, also can the buyer and bad credit guy (ME), get a loan from any source possible under the contract for deed. As long as the contract is not breached and at balloon time?

Dr D · Jun 24, 2007, 08:17 PM

Dear sainteander2,

Provided that you have made your payments on the LC in a timely fashion, and have attended to the other previous credit problems, there should be no reason why you should not be able to "refinance" that debt like any other mortgage. Long before that time comes, you should make sure that things are taken care of, or are in process. Contact a good mortgage person to find out your status, and see if additional cleaning up needs to happen. Don't wait until the last moment. Getting your ducks lined up takes time. Don't get a "Disneyland" (one that just sounds too good to be true) loan. I wish you the best.

saintreander2 · Jun 24, 2007, 08:34 PM

The seller is a broker mgr with first meridean mortgage in Fla.
The house sat for a year and the realtor (who is a friend of mine) connected me to him.
After all this talk and fear of LC I found you and this blog.
The contract was drawn up by good atty friends of the realtor friend of mine. From what I can see it is good except for the disclaimer from the lawyers , I guess because of what I saw you discuss before, the lender calling the note due. Also I don't think he gouged me up front . The downpayment was 5% which basically took care and was fair went to the realtor so as to not exclude him. With legal fees about 7000.00
However he does own (seller )(other investment proprty) and I heard him say in the beginning that he could sit on the house although I was under the impression he needed to sell. We agreed to LC because he at the mortgage co(his) could get me the loan after 15 months with credit repair. Do I have the option of trying to get the loan from any other source that way not having all my irons in just his fire?
Thank you

saintreander2 · Jun 24, 2007, 08:36 PM

You mean don't get a variable of course?

ScottGem · Jun 25, 2007, 05:27 AM

Originally Posted by saintreander2

i have a contract for deed and i am starting to mistrust the seller. after reading all these answers from those who deliberately set up a bad credit person to knowingly set that person up is getting me upset.

First, its not a good idea to piggyback your question on someone else's thread. It usually confuses matters. So I've requested this be moved to its own thread.

Second, check the contract. Unless it specifies that you must obtain financing from their source, you can obtain it anywhere. Buying on a contract has its advantages for both buyer and seller. While its true that many sellers do it because they hope for a default so they can churn the property, many others do it as a way to get a better price for the property and want the sale to go through.