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General Notice of Default for Contract for Deed Illinois Form

General Notice of Default for Contract for Deed Illinois Form

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hey what's up I want to share another way I'm helping one of my clients right now get into a house even though they can't be approved for a mortgage it's called contract for deed probably have heard of it before it's essentially just seller financing so instead of paying your down payment and your monthly payments to a bank uh you're going to be doing this with the sellers directly so all the terms are completely negotiable but typically I would expect the 10 to 20 percent down payment a slightly higher than Market interest rate so maybe like one percent higher than what you would get for a mortgage and then you're going to make the payments also for a shorter term so instead of a 30-year mortgage it's going to be probably closer to one to five years and then you pay the lump sum off at the end but by that time the idea is that you're supposed to be approved for a mortgage by the end of that you know one to five ye

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