Bond for Deed, Louisiana

By
Real Estate Agent with Gardner Realtors, Licensed in La.
http://actvra.in/nvF

In Louisiana Bond for Deed is where the buyer makes a down payment but does not take title to the property. It is often a way to owner finance where the buyers has a note to the seller. If the buyer defaults, he loses all. His downpayment and whatever he has paid on the property. The note is paid to an intermediate step who pays the mortgage if the seller has one.When things get tough its a way to sell. The buyer takes the chance that he can pay the note. In practical terms the buyer generally refinances and pays off the seller. It rarely hangs around for more than 10 years. Its a great tool to use for flooded homes where the buyewr has a hard time gettig a loan and the seller has a hard time selling otherwise. I am not sure this exists in other states? 

                                     

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the house to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Location:
Louisiana
Tags:
bond for deed

Comments 21 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cat to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Anonymous #17
Anonymous
A mess
Can you sue a person that breeches the bond for deed contract.
December 31, 2010 07:58 PM
Rainmaker
396,950
Eric Bouler
Listening to your Needs
Gardner Realtors, Licensed in La.

Sure, but you get the house back and you keep the downpayment and whatever the purchaser has paid you. They get nothing if they default....Usually that is enough.

December 31, 2010 09:12 PM
Anonymous #19
Anonymous
A mess

I am in a bond for deed (seller) and the house got cout on fire (80% lose) the buyer had insurance. The house must be torn down. I did not want to rebuild. I reqested that the morgage note be paid from the insurance. The buyer was already in default but our contract was not cancelled in writing. My question: is  the buyer responsable for the tare down of the home or am I, and since the buyer paid for the morgage note  with the insurance does the property belong to them.

January 01, 2011 02:02 PM
Anonymous #20
Anonymous
Stressed Out

Here's a situation... Two couples enter into a Bond for Deed as purchasers (all four names are listed as purchasers). One couple has changed their minds and no longer want the property and they want their name off the Bond for Deed. The other couple wants to keep the property and are willing to pay the full amount of the notes and assume full financial responsibility. Can this be done and how? 

July 12, 2011 04:53 PM
Anonymous #21
Anonymous
Lafayette

any thoughts on buying property using the "Subject To" method and /or wrapping the sell side using bond for deed?

 

November 05, 2013 01:52 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the robot to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
396,950

Eric Bouler

Listening to your Needs
Do not be afraid to Ask Eric about New Orleans Real Estate...
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cat to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

New Orleans Real Estate, Learn the neighborhoods in the New Orleans Metro market.

Technorati Profile