New York Times: States Acting to Protect Buyers of Seller-Financed Homes

By Matthew Goldstein | October 3, 2017

Legislators in three Midwestern states are taking steps to protect consumers who buy cheap and often rundown homes from investors through seller-financed deals or rent-to-own leases.

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The legislative initiatives in Ohio, Illinois and Michigan come as the Consumer Financial Protection Bureau continues to investigate the activities of some of the larger firms in the seller-financing home business.

...  And in Michigan, a group of state legislators led by Steve Bieda, a Democratic senator from suburban Detroit, has been working on a bill that would address similar abuses with contracts for deeds.

In Detroit, for example, cheap homes sold on contracts for deeds have consistently outpaced the number of homes sold in the city with traditional mortgages.

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Steve Bieda