I'm in the process of selling my home and just had a realtor call and ask if i'd consider a bond for deed (i'm in louisiana). It's on the market for $149900 and I owe ~$130k. He was saying $15k down, I wouldn't have to keep up with repairs and they'd refinance in 2 years. This seems too good to be true. Is there something I'm missing here? What kind of questions should I be asking to protect myself? I originally only wanted to sell it outright like you normally would but I'm getting a lot of questions about seller financing, lease option, bond for feed etc and I'm just now starting to look into this and it's a bit overwhelming when you start seeing you have to comply with the SAFE Act, Dodd Frank etc.
Any input is greatly appreciated. Thanks!
I’d ask for at least 25% down.
I agree with Troy, your down payment should be about 25%+ - that's your security blanket. Make sure you make the down payment non-refundable regardless. Good luck.