Posted by Tony-VA/NC on May 05, 2004 at 15:27:36:
You are justified in your fear of “you don’t know what you don’t know.”
Getting the Deed is one way of acquiring real estate but it is not the only way.
You are confusing several different techniques. If you are offering a Contract For Deed type purchase as your post indicates, then by definition you are not going to receive the Deed until you have complied with the terms of the contract (which may be several years down the road).
Getting the deal under contract is simply that; getting a signed contract. There is a variey of ways to protect your contract, “Performance Mortgage” is one, “Memorandom” is another.
What you need to settle your nerves a bit more is knowledge. The best course I have ever used (and I still use it’s principles today) was a course by Attorney Bill Bronchick called “The nuts and bolts of creative real estate transactions.” I believe the course has been updated and renamed “The Secrets of a Real Estate Attorney.”
Bill will teach you all you need to know and how to use it. He also included a disc with all the documents you need (you should still have them reviewed in your state just to be sure). Who better to set you straight then a real estate attorney/investor himself?
After this course, you will know more than the seller’s, realtors and bankers know about real estate investing. That is the position you wish to be in. You don’t want to deal with those who know more about your business than you do.
The course will pay for itself many times over in your first deal. I know it did on mine.
Best Wishes,
Tony