They are legit but you should expect to pay a whole lot more in the end for what you get.
by jazzpaging - 10 hours ago
There are good agreements that are as good as the people making them. If it looks shady or you don't understand something, don't sign it. Talk to a lawyer who deals in real estate to avoid pitfalls. Know exactly how your equity is accrued. In my state, after a person has 10% equity the property would be sold at auction and monies going to both parties if a default occurs.
by lyyman - 10 hours ago
Yes they are legit. These are called land contracts or contracts for deed. Most people get into the home and 1-2 years out with their cancelled checks can prove ownership and refinance the mortgage into their names. It is done all the time. Just make sure the contract is recorded in the court house for your protection. If unrecorded and the current owner gets sued and sustains the loss in court, they can and will attach the judgment to any thing they own in the way of real property. I am a mortgage banker in Tennessee
by golferwhoworks - 10 hours ago
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