Posted by John Merchant on April 15, 2004 at 15:07:14:
If you enter into a REC with your buyer, he owes you whatever he’s contracted to pay you…but he is free to re-sell to a 3d party on any price and terms he chooses.
Just make sure, by credit & references check, that your buyer is a guy you want to deal with.
Since he’s the one who’s going to pay you or not, he’s the one to check out.
Contract for deed - Posted by A Metcalf
Posted by A Metcalf on April 14, 2004 at 23:56:10:
I am selling my house “By Owner”. A man brought by a couple and showed them my house. We agreed on a price and he informed me that he was going to make a “Contract for Deed” with us and then “sell” my house to the couple. The couple are pre-approved (I’ve seen the letter) and have signed an actual “real estate contract” with him.
What pitfalls do I need to watch out for in this instance?
Thanks.