Land contract financing, a.k.a. the contract for deed, is a go-to method of home buying in Minnesota — especially in urban neighborhoods. These contracts allow homeowners to sell directly to buyers, bypassing the scrutiny of a mortgage lender. Each year, thousands of Minnesota buyers use them to finance their home purchases.
Federal lawmakers across the political spectrum say it’s high time for Congress to apply stricter oversight to Minnesota, and to all states.
But why? What’s going on? Would more regulation make sense? Let’s take a look.
Continue reading “Risky Business? Minnesota Home Buyers Skip the Mortgage, Preferring Contracts for Deed”