Good Afternoon BP People!! I've run into and interesting situation and would like some feedback. I put a cash offer on a house yesterday and am expecting a counter offer. Seller is offering CFD but has 2 HEquity Loans on the property. Is there any way, if I went with the CFD she could try to finagle me into paying off loans other than the original Mortgage?? Also, I wonder what percentage of cash I should offer as down payment if I go that route?? Thank you ahead of time!!
I would be concerned with this type of arrangement as what if she stopped paying those loans or filed for bankruptcy ? For a contact for deed it is best to make sure there are no liens on the property
Whatever you do have them provide you with a title report to make sure there are no other liens or have the contract for deed provided that the deed is a warranty deed and not a quit claim deed once it is paid off
Can't CFD be arranged to make payments directly to the title holders bank or credit union??