If your traditional mortgage application has been declined or you’re unable to secure a traditional mortgage, don’t despair. Greener Grass Homes offers an alternative solution: a contract for deed. Also known as an installment agreement or land contract, this option allows for seller financing, giving you the opportunity to negotiate terms that suit your needs. With a contract for deed, both buyer and seller can determine the down payment, interest rates, monthly payments, and how property taxes and insurance are managed. While the seller retains title until the balance is settled, a contract for deed offers a faster process compared to a traditional mortgage. It also eliminates the need for appraisal, home inspection, and private mortgage insurance, making it a more cost-effective choice. Privacy-conscious buyers will appreciate not having to disclose their financial records to a lender. Sellers benefit from an expedited resolution in case of default, without a lengthy foreclosure process. Equity accumulation is still possible with a contract for deed, it can be a viable option for those unable to secure a traditional mortgage. . While a contract for deed lacks certain protections available with a mortgage, it remains a valuable alternative for prospective homeowners.
