Juan Salazer had a great job, the perfect wife, two kids, and was ready to make the move toward homeownership. Unfortunately, some old credit issues were threatening to derail his plans. With the help of the Contract for Deed Crew, Juan was able to realize his dream, and here’s a great contract for deed example.
Juan was always a hard worker, and he went to college in 2005. To handle his expenses and pay for school while stating a family, Juan needed student loans. Juan graduated in 2009 and during those bad economic times, he didn’t pay proper attention to his student loans and they defaulted. This became a big problem and kept Juan’s credit score in the low 600 range.
Contract for Deed: Just Try It
Still, Juan wanted to buy a home, and he found the perfect one in Mankato. It was close to Minnesota State and was in a nice area. The home was reasonable priced at $180,000 and Juan thought he had sufficient family income to easily make the required monthly payment. In addition, Juan had saved $25,000 for a down payment.
The Salazers wanted to make an offer on the home, but the listing Realtor wanted a pre-qualification letter from the bank before he would accept an offer. Juan figured this would be no big deal, but it was as those defaulted loans caused more than one bank to deny Juan’s application for pre-qualification.
Juan even figured out how to put his loans back in good standing, but the derogatory credit marks could not be removed, and Juan’s path to traditional homeownership had met a serious roadblock.
That’s when Juan decided that there had to be an alternative way to get his deal done. He researched MN Contract for Deed and found C4D and a great contract for deed example. Juan was thrilled that he was contacted by a C4D staff member very quickly. C4D asked the same questions as the bank, wanted to see the same income verification papers, and of course ran his credit. The difference was that C4D knew that Juan would be a good credit risk and they were willing to work out the deal that conservative banks wouldn’t touch.
How It Worked
After C4D approved Juan, they purchased the home that Juan had wanted. Then, they sold it to Juan on a contract for deed basis. Juan would make the required monthly payments and at the end of the loan term, he would own his house. Meantime, he would live there, handle all repairs, pay taxes, and do everything else a homeowner would do. It was a great day when Juan made his last payment and was presented with the deed for his dream home.
If you have similar issues like a job loss, big credit card debt, overwhelming student loans or even a prior bankruptcy, you need to contact C4D as they make home ownership a reality when others just say no. Don’t give up because a banker says it won’t happen. Juan didn’t, and he’s a homeowner today.