Posted by evelyn on June 25, 2001 at 15:14:02:
I was thinking along those lines and you explained it just right. now…presenting it right…that will take some more reading on this site. I want to make sure I have all the answers before the questions are asked.
thanks again.
evelyn
what is the difference between CFD and Subject to - Posted by evelyn
Posted by evelyn on June 24, 2001 at 08:19:07:
Will someone please explain the difference between Contract for Deed and a Subject to! I have a potential deal, owners ready to move from Florida back to St. Louis, ASAP! The house is only a year old and are ready to move sooooo much, they will even leave the furniture for $2,000 more of course!!!
Thanks for the responses!!
Evelyn
The difference is… - Posted by WilliamGA
Posted by WilliamGA on June 24, 2001 at 10:16:01:
Evelyn,
A sub-to deal is where you actually “get the deed” to the house. The seller actually signs over a deed NOW to you or a trust. The loan will still in most cases remain in the seller’s name and on their credit reports. This is the preferred way to buy the house. You have more control in my opinion.
A Contract For Deed is where the seller keeps the deed in their name until you fulfill some stipulation in your contract, usually payment in full. You get “equitable title” in this case. The seller retains “legal title”, sort of like when you buy a car. A seller who is very concerned about your ability to pay on time may be more likely to go for the CFD.
From the sound of the situation with your seller, I would really go for the deed. Sounds like they would go along with it if it is presented right.
Good Luck!
WilliamGA