I've heard a lot about contract for deeds and I've been doing research on what it entails. From what I've read there are a lot of advantages and a few disadvantages. What I'd like to ask the biggerpockets community now is if anyone has ever had an issue with a CfD or horror stories that one would ever need to look out for.
@Abidemi Bolatiwa I have no experience with contract for deed but do with lease options. It's a great strategy, you just want to make sure you cover yourself with contigencies in the contract just in case the seller is trying to slip one past you.. ie. home inspection contingency, clear title contingency, etc. This will help in case some of those "worst case scenario" events pop up. Hope this helps some! Let me know if there's anything else I could help out with.
@Abidemi Bolatiwa I have done some CFD on some land I sold. I think for the most part they work fine. Are you looking to buy on contract or sell on contract? What is it that you are buying or selling? Let me know and I have a couple other things to mention.
Depending upon the status of the seller, in Calif you can be in violation of civil code 1695; buyer's of equity. The exposure get's worse when attempting wholesaling.
Rule 1: know the rules
Rule 2: re-read rule-1
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