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re: Bond for deed

Posted on 5/14/11 at 6:59 pm to
Posted by Wilbon
Phoenix
Member since Jul 2008
67 posts
Posted on 5/14/11 at 6:59 pm to
I was wondering about the risks and benefits of doing this. The condo has really picked up in showings (including 2 second showings last week) and should I pass and wait for another offer.

Posted by foshizzle
Washington DC metro
Member since Mar 2008
40599 posts
Posted on 5/14/11 at 8:02 pm to
In LA a bond for deed means that you don't have to turn over the property until he satisfies the bond, basically you are the bank in this deal (well not quite, but it isn't that far off). If you think you can decide better than a professional lending officer if this guy is good for it, great.

But if you do know more than a lending officer then you probably wouldn't ask for advice here. So I'd pass. No offense, but this is probably a game played by people who are experienced with this, know the pitfalls, etc.
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