Posted: Sun Oct 18, 2009 6:11 pm Post subject: Breach of Land contract?
We are selling a house on a Land contract, We gave the buyer a contract for 3 years and then a balloon payment for the ballance at the end of 3 years. the buyer could not get a mortgage so we extended the contract for 6 months again they could not secure the Mortgage, he then stated he thought he could secure the mortgage n November but I have received information that will not happen, he has been very good about paying his monthly payments but I do not wish to continue extending his contract.what are my options? I live in Indiana, the contract extension ended in June it is now October. I also have a mortgage on this property.
As the contract has not been renewed, it would be your discretion. If you do not renew the contract further, then you can ask the buyer to leave the property. However, I would suggest you to wait till November and check out if he can get a mortgage. You've mentioned that he has been paying the monthly payments regularly, so I think you can renew the contract once again. If he is unable to get a mortgage by November, then you can ask him to leave the property. _________________ Procrastination is the enemy of your financial sucess
ewalker
