Contract for Deed Experience?

[sara54]

We are contemplating selling our condo on contract (the prices are still very deflated, so we don't want to sell outright and we have not found any renters). Does anyone have any experience with this? What pitfalls should we be aware of? We want to sell it on contract because the potential buyer needs a lower monthly payment, and we cannot get our monthly payment any lower because we are paying the higher property tax rate (and we don't have the homestead exemption).

Thanks for your help!

[Zora]

Run, don't walk, away from this.

If these people (presumably) can't get a loan they can afford from literally any other channel, why should you be willing to take the risk?  And if they default you get back your property in destroyed-foreclosure-type condition and you get to pay to put it back in marketable condition.

Either lower your asking price for rent or for sale.