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So I am moving end of October, my house is up for sale but going nowhere, and I am nervous has heck contemplating leaving my house here in MN while I will be moving to WA and leasing a home for a year; crunched the numbers renting my house and it stinks, but winterizing my house and leaving it vacant will cost me $4000+ a year until it sells (insurance, heat, taxes, snow removal). Sigh.
So I am considering offering CONTRACT FOR DEED as a way to maybe help my house sell fast but I know little about CFD other than I am the banker. I do own my house outright, no mortgage, which I assume makes a CFD easier than if I still owed on my house. But what is the typical term (length) of a CFD? typical amount the buyer pays as downpayment? Are the buyer's monthly payments calculated typically as if it was a 30 year loan but then with a balloon payment at the end of a e.g. 5 year CFD term?
One thing that concerns me--- if the buyer defaults after a year, I am out the Realtor's commission for the sale, which does not feel right on my end. Unless the buyer's down payment at least counters what I pay for my Realtor's commission.
I guess I am wondering if I should consider a CFD as a seller to get my house sold to be somewhat done with selling my house. I want so much to move and not be in WA while worrying about a vacant unsold house in MN. My house is an odd one to sell-- a duplex but only 1 bedroom in each unit; I even am thinking if it does not sell that I might see what it costs to convert the upstairs back to the 3BR it used to be making my house a 4BR Single Family home again.
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