Buying a home on a contract for deed may have some downsides to it, but there are also a lot of advantages, especially if you have bad or no credit history. If you had some past financial issues, like foreclosure, bankruptcy, or repos then you are probably not going to be qualified for a traditional home mortgage. For more information about this, you can visit this site.
Before you look at the advantages of buying on a contract for deed, you should make sure you are aware of all the disadvantages that come with it. They highly suggest that you find an experienced realtor who can help you understand all the pros and cons of buying a home on a contract for deed.
So what are some of the benefits and why should you buy a home on a contract for deed?
Ability to buy a home with bad or no credit! If you have a poor credit history, no bank will lend you money so your only option is to work with owner financing. Buying a contract for a deed home is a perfect alternative.
You can become a proud homeowner again! Let's face it – renting sucks! You can't paint the walls the color you like, you can't have pets, barbeques, bonfires, and some landlords simply drive a lot of people crazy.
There is almost no qualifying! You won't have to deal with lengthy applications, credit checks, and approvals. Although, some sellers will ask for some credit or rental history – don't be worried, they just want to get to know you a little bit more so they know what your financial situation is.