Contract for Deed properties available, 35 properties for sale today….
A Contract for Deed is private financing between a Home Buyer and a Home Seller. Currently we are receiving more inquiries from potential buyers about the availability of CD financing. Some home sellers in Savage and Prior Lake are offering Contract for Deed Terms. There are also several properties for sale on Contract for Deed in Lakeville, Farmington and Apple Valley.
The search I did today yielded 35 properties for sale South of the River offering Contract for Deed Terms, this included townhomes and condos.
Contract for Deed financing was popular back in the early 1980’s when interest rates were so high, Sellers who were able to hold a contract for the buyer accepted a lower interest rate than the banks were offering. By contrast, today’s interest rates are the best ever, and Sellers who accept a contract for deed from a buyer are asking for a higher interest rate than banks are charging.
The main reason Buyers wish to buy a home on a contract for deed in today’s marketplace is because they’re not able to qualify for a mortgage. They may have difficulties qualifying because of a previous short sale or foreclosure, causing a temporary credit setback. It’s also possible a buyer does not qualify because they are self employed or work on a commission basis, there are fewer mortgages available for buyers with non-standard or complex income sources.
There are a few things to keep in mind if you are entering into a Contract for Deed home sale in Lakeville, Eagan or Burnsville, or any of the South of the River Suburbs.
The Contract for Deed agreement should address the following items:
- Proof the underlying mortgage is being paid on time and the remedy if the seller fails to make payments.
- The dollar limit of work or labor which the buyer can perform during the Contract for Deed term
- Payment and proof of payment for taxes and homeowners insurance premiums
- The potential Sale of the Contract for Deed and Refinance options for the Seller ( note can be sold to a third party but the terms of the contract should not be endangered)
- The Assumability of the Contract for Deed (allows the buyer to sell the property during the CD term)
- Plus the terms of default and what happens if the terms of the Contract for Deed are not fulfilled by either party
Sellers who have a mortgage on their home may not be able to accept a Contract for Deed on the home. If you are a Seller and would like to offer Contract for Deed terms in the sale of your home, you need to check with your mortgage company to see if it is prohibited in the mortgage document. Accepting a Contract for Deed on your home can trigger the ‘Due on Sale’ clause in your mortgage. Seeking Legal advise is the best way to determine your eligibility to offer a CD.
Expectations of Downpayment on a Contract for Deed are usually 10-20% of the purchase price of the home. There may be Sellers offering to accept Contract for Deed Financing with a lesser downpayment, but Buyers should expect to have a substantial downpayment requirement. There are less closing costs in a Contract for Deed sale, notably there is no loan origination fee and many other savings.
The University of Minnesota Extension services offers more detailed comparison of Contract for Deed versus Mortgage Financing. There are opportunities to purchase Contracts for Deed as an investor, the contract is purchased at a discount from the Seller of the home and the investor collects the face value of the CD over the term specified. If you have interest in doing this type of investment, give me a call at 612-889-6496 for more details.
If you would like more information about offering your home for sale with Contract for Deed financing, or if you would like a list of properties available for purchase on CD terms, just let me know and we will email it to you promptly.
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We selected Sheryl over two other highly recommended Realtors and she was the perfect fit to sell our home. We had an unusually complicated assignment and the depth of Sheryl’s experience and attention to detail was outstanding. She genuinely cared about our best interests and provided a level service that is beyond what we have found with other Realtors. We would recommend her to anyone considering the sale of their home, especially in the Twin Cities South metro. Tony and Jennifer, Inver Grove Heights.
We are a young couple buying our first home. We were a little bit apprehensive because this is one of the biggest purchases we will make in our life and we wanted to have things done right. We have heard of unpleasant stories of people having a hard time finding a good realtor but not with Sheryl. We found a house we really liked and you can easily be blinded by the excitement of purchasing your first home that you can overlook a couple of things. She was prompt to point out how great the house was but also some things that could potentially become an issue that we wouldn't have noticed otherwise.She recommended us our Mortgage officer who has been an absolute pleasure as well.Sheryl is very knowledgeable in everything real estate related and we wouldn't have had it any other way. When we buy our next house she will be the first one we will call for assistance again!
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I have had the best experience with Sheryl buying my house. It’s a very exciting time and also a big decision of my life, but she made it sound really fun and simple to me, always gave me feedback on things that made so much sense and made it so easy for me to make my decision. Very knowledgeable, pleasant individual to work with and I am so grateful. Thanks Sheryl.
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Selling my house with Sheryl has been a wonderful experience. She did an excellent job communicating the top things I could fix and touch up that would make my home the most appealing to any potential buyer. She was professional and thoughtful in every aspect from staging the home to our asking price. She was also very receptive my opinions and ideas. Throughout the process I was at ease that I was moving in the right direction and Sheryl was advocating for me. I have to say, Sheryl really shined when it came time to negotiate with the buyer on price and repairs. She had ideas and tactics that demonstrated her ability to 'think outside the box' and made it easy to offer something to the other party without feeling like we got the short end. It's also been a delight to work with Sheryl's team, everyone responds timely and respectfully and I've never felt uncomfortable asking any question. They've made the whole house selling process a breeze :)
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I have worked with at least a dozen realtors over as many years in MN and none has shown the marketing acumen that Sheryl and her team applied to the sale of our townhome. I feel like I have received white glove service. Sheryl must have been developing her marketing strategies for some time. They report regularly on competition in the area so that I can stay informed and are not shy about telling me what I need to do to actually sell. Most importantly, they don't just rely on the internet or street sign to sell the property. They use their analytical capability to review data from the MLS and elsewhere and tailor postcard mailings and email campaigns to the most likely buyer (in my case it was reverse prospecting people who had...) My past brokers have done ok - they made sales - sometimes very good sales - but I felt like it had very little relation to their marketing capability (several of these are good friends now, in spite of my experience) Sheryl and her team earn their fee through intelligent and aggressive salesman(woman)ship.
During the past six months we sold two homes and purchased a new home with Sheryl's help. She provided prompt objective feedback at every step allowing us to achieve our goals and feel good about each transaction. Sheryl operates with great integrity. You never need to question whether she has your best interest in mind. We strongly recommend Sheryl for your realtor needs as she will support you well in every facet of the process.
Sheryl was a true professional helping me sell my home in a fast and efficient manner. I had an offer within 10 days of listing my home and sold at the price that I wanted. In particular, she spent a great deal of time upfront helping me understand the market and getting my home ready to put on the market. She always responded back within hours and is one of the hardest working real estate agents you'll ever find.
Sheryl Petrashek is an amazing Realtor to have representing you. Sheryl not only helped us sell our home by working with us to create cost effective ways to maximize the value of our home. But she also helped us build our dream home. With the expected hiccups in a build, Sheryl helped keep the builder moving forward on our behalf and helped keep us focused on the end goal of our new home. I would strongly recommend Sheryl Petrashek as she will work so hard to help you sell your house and/or find your next home.
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A friend told me about Sheryl after I asked him to help me find an agent who can help sell my home. I worked with another agent before her, but got no result. Sheryl came in, gave me a professional assessment of what ‘s needed to market my home successfully. Her and her highly motivated support staff got involved and listed my home in every medium available. Sheryl made frequent follow-up with agents showing my home, and routinely adjusted her marketing strategy to move the house. At the end I got competing offers. Sheryl total involvement along the way was priceless, therefore I highly recommend her and her tireless team to anyone who is looking to sell their home.
We tried selling our house by owner first, then after 40 stressful days, I called Sheryl. We've known her reputation and felt it would be smart to connect with her and see what she brings to the table. The first thing she suggested was raising our price, take new pictures, stage the house and a few other things. As soon as she left, we knew we were in the hands of a true professional. Sheryl's extensive marketing and local connections soon found an offer after just 5 days back on the market. She managed this transaction with the highest level of professionalism and kept the stress down, always looking out for our best interest. If you want to work with the best in the business, call Sheryl!
My fiancé and I had a great experience working with Sheryl! We started out looking at used houses in the Apple Valley, Eagan, Lakeville area and eventually settled on purchasing a new house in Lakeville. Her wide breadth of knowledge for both used and new houses really helped us feel comfortable in the decisions that we were making. She was always available for questions and was exceptionally helpful in helping us through a miscommunication that came up with the developer and the city. We highly recommend Sheryl as a realtor!
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From the moment we met Sheryl, we liked her. She has a personality that sets you at ease and a professionalism and knowledge that give you loads of confidence in her guidance. Our home values had been negatively impacted by neighborhood foreclosures and lack of comps, but Sheryl put her real estate expertise to use and was able to market our home in such an amazing way that we were able to sell our home for much more than we had hoped! (We had two offers in four days– one for asking price and one for more than asking!) I might also add that we were out of town for much of the time due to a work relocation, and Sheryl kept a close eye on all of the details in our absence and made sure everything ran smoothly. We would definitely recommend Sheryl Petrashek for any of your real estate needs. She is the complete package– friendly, professional, knowledgable, and detail oriented.
This is my second time working with Sheryl and she was every bit as thorough and knowledgable as she was when I worked with her the first time in 2006. It’s clear she really knows the process and had everything covered before anything ever occurred to me to ask her about. I’ll definitely look her up the next time I need anything handled in the realm of real estate, and certainly I’ll refer people I know to her as well!
Sheryl is a fantastic realtor. She always vey helpful at trying to find the perfect house you have in mind and then she will go the extra mile to make sure you get that perfect home. I have had the opportunity to work with Sheryl several times and each time I have been completely satisfied. This last home we bought required a lot of time and Sheryl was always great at keeping us informed of how things were coming along and explaining why it was taking so long. I always had lots of questions and Sheryl always knew the answer. Thanks Sheryl....you are the best!!! I will always recommend you to everyone that is going to be either purchasing or selling a home.
Sheryl has been everything I would have hoped in a realtor when we decided to buy our home. She came highly recommended from a co-worker, and I can definitely see why. Even though I am sure Sheryl has numerous clients she is working with, she always makes me feel like I am her only client. She worked day and night to help my husband and I find the perfect home, and we did! And even after that, she checked in with us to make sure we didn’t have any questions and we knew what the next steps would be. I cannot say enough how much easier our home buying process was because she was our realtor. She gets two huge thumbs up!
I could not have been more impressed with Sheryl (and also her husband Bo). This duo was super helpful, not only with their knowledge of the area, schools, and neighborhoods; but also with being able to understand our taste and lead us to the perfect home and community! They are by far the best experience we have had with a realtor. They were patient, responsive, always flexible and available, but most importantly they were a lot of fun to work with.
This was our second house with Sheryl, she's done a fantastic job both times. She and Bo are very knowledgeable about the sale and purchase of homes. We will definitely be using them again for the third house! Thanks again Bo and Sheryl!
Sheryl and Bo are amazing to work with, they are both very knowledgeable and explain things thoroughly so as sellers/buyers, we always understood what was going on. They have worked so hard to get our house sold and get us matched with a perfect new home and I recommend them to everyone we know and we will absolutely work with them in the future!
Sheryl Petrashek has been our realtor for many years. She has helped us with several real estate transactions, both buying and selling. Sheryl is extremely knowledgeable, experienced, and very professional. We would highly recommend her to everyone. She and her wonderful team have gone above and beyond to ensure a very smooth process with each of our real estate transactions.
She was communicative, efficient and worked very hard to help us sell our home! Our townhouse sold faster than we thought and we got what we wanted for it. She was very helpful!!
Sheryl and her team helped us sell a difficult piece of property, a condominium we owned for quite awhile. They were wonderful! Her team handled the complicated sale extremely well! They were always responsive and thoughtful. Sheryl especially, helped walk us through the process and always communicated what the next steps would be so we could stay prepared. I really felt that they put our needs first and they did it with a smile. Even though they were busy, we always felt like we were their only clients. Sheryl was the perfect Realtor to sell our home. We will definitely use her again for our future real estate needs and we would recommend everyone we know to her and her team.
We have used Sheryl to sell and buy two homes in the last 15 years and have found her to be the ultimate professional. From tips on preparing our home right down to negotiating a PA. She was always a phone call away. We have also referred her to two different family members over the years and would not hesitate to refer her again.
I had a great experience with Sheryl and her entire team. She was available for questions anytime I had them and was flexible in scheduling time to view properties. I'd highly recommend her to anyone else I know that is purchasing a home as her knowledge and expertise made my home buying experience fun, exciting and most of all, painless. Aaron, Maple Grove
Sheryl has been a godsend to us in the last few months. Not only has she helped us sell our old home in LESS THAN A WEEK, she is also helping us in the process of building our new home. Sheryl is everything you want in a realtor: personable, knowledgeable, honest, a great communicator and she has great integrity. She hasn't just been our realtor but she's also become a friend; it says a lot when you look forward to meetings and conversations with your realtor! If you want someone you can trust who will also make the process fun you need Sheryl!
Sheryl became my listing agent when a previous agent and I agreed to "part ways" after 3 months. After interviewing 7+ agents, I decided to engage Sheryl and her team in the sale of my home. The data driven process her team employs, the technology driven marketing approach and her knowledge of how the twin cities market was shifting/changing, were the decision points for me to engage Sheryl. Other agents I interviewed talked about their marketing approaches and use of technology. Sheryl's team delivers the cutting edge approach that worked. I saw the results of all of those decision points with the quick sale and closing of my property. Would I use Sheryl and her team again? Absolutely. Would I recommend Sheryl and her team to others? Without hesitation.
Sheryl leveraged her strong knowledge of the real estate marketplace and her negotiation skills to obtain a lucrative price for the home we recently sold and assist us in the purchase of our new home. She took care to ensure that all aspects of the sale and purchase processes kept progressing on a timely basis and handled obstacles skillfully to support our best interest. I would highly recommend Sheryl’s services to anyone and everyone in need of a professional who gets the job done!
Sheryl is a very caring agent.She will do everything she can to help you. She also found us a home. She is the best you can find. Thanks for everything. By the way Bo is great too.
Sheryl - You represent the essence of what we feel a realtor should be. Your commitment to the sale of our home was always present as we felt completely assured that everything was under control. Your knowledge in the market and explanations to our questions were always communicated in a prompt response weather it was directly from you or one of your assistants in your office. Thank you for making us feel as though we were your only client even though we were aware of how perpetually busy you were. We have and will continue to recommend you to everyone we know!! Blessings!
I recently sold my home and used Sheryl and her team as my realtor. Before the transaction was even complete I was already recommending her to my family and friends. She has such a broad understanding of the market and has a passion for what she does. I really appreciated the one on one time she spent with me to explain the market conditions, my home’s value and all of the options available to me. Sheryl is my realtor for life!