I'm no legal expert but I have bought and sold on contract several times before. I see it as a win win situation. Seller has to do more legwork such as credit and background checks, and you would normally pay to have someone draft the forms. In turn You get a down payment now and a steady source of income for a period of time - like 5 years - without beating down the principal very much and you pay different taxes (less) on interest income. The buyer gets a chance to get his foot in the door without jumping through as many hoops as the bank (read bureaucrats) require. Make the contract for 5 or 7 years after which he has to pay the full amount but should have been able to make or break it by then and get money from the bank. If he fails he loses it all and least in MN a CD holder can forclose much quicker than a bank can (read bureaucrats). I'm not John T or others here who bear the burden of a legal education but have sat in the kitchen and spelled out the terms of a contract and then went and had them notorized and recorded at the registrar of deeds. It will only work with two honest parties and is good if you know the person interested or are from the same town, etc. By the same token, you can darned sure market your own property too. Pay for an appraisal then put an ad on craigslist or in the newspaper. You would be surprised at how effective it can be if you mention you would carry a contract. You can do a lot of legwork and maybe even buy a couple of for sale by owner signs at the hardware store for the price of a realtor. Yours is a bit more complicated because of the sibling so John T is right about hiring help but a contract for deed is a good and effective way to buy and sell property. I think for the seller, in this market, it is especially good.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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