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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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rockcop, that's precisely why you need to engage the services of an attorney - to represent you, yes; but more so to assure you of the validity of your purchase, to assure you that what you fear cannot take place and to assure you that you're making a reasonable decision.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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LulU
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| I was making payments monthly on 5 acres of land. then one day the property was for sale and the owner hadnt told me anything, we have a contract signed but it is only notarized. what can i do? |
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lulu
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| So is there anything i could do to get my money back? i had been paying it for 1 year and now i stopped since february because i cant get him to answer my phone calls |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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As the deed was not notarized, I don't think it would be considered as a valid deed and thus, you would have difficulty in recovering your money. You may negotiate with the property owner and try to recover your money from him.
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Good is the Enemy of Great. |
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dismith912
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Post subject: What if Seller goes bankrupt? |
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| We are under an owner financed contract and one of the sellers in the contract is filing for bankruptcy. What happens to our contract in the bankruptcy court? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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i don't know bankruptcy law, am not a lawyer, but i have an opinion on that. my opinion (please consult with a real attorney) is that the contract ought to be honored despite their filing of bankruptcy. that is, of course, assuming that the contract is valid. and that's simply one of the reasons i insist that you get legal help here. you need protection and you need to be sure you're not going into this thing blind.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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aprildbrewer
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Post subject: owner financing a business |
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| My husband & I are interested in purchasing a successful, local business. We have great credit, but would rather not deal with a bank, if possible. How do I get more info on owner financing a business (not a home) & make it appealing to the current owner/seller? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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frankly, i'd be surprised to learn that a business owner would be willing to sell and take back the financing, unless this was an independent type of person who also owned other entities.
i think the most frequent type of sales of businesses are likely to be those who are seeking to leave their business behind in favor of retirement or to seek yet a new career elsewhere.
as for where to look for tips...i'm sure some of the entrepeneurial types of magazines' sites would be a good place to pick up some pointers, along with the wide variety of business magazines and sites. i don't have experience in the field, so this is simply speculation, mind you.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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was wondering
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Post subject: WHAT TO EXPECT |
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| What type of items do an owner look at to determine to owner finance with a potential buyer. We are looking at a house right now and another couple is looking at it also. What is the deciding factor? We do not have the greatest credit but we do not have many expenses and we make a really good combined monthly income. We also don't owe much just our cars. His current home is paid off, but the other competeing couple still owes on their current home and have to sell it also. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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i suspect what you're trying to do is to come up with the rationale for the seller choosing you over the other prospective buyer. if i'm an owner considering financing the sale of my home, i will absolutely insist on seeing your credit report (theirs, too). i would also want to know all about your job histories, just as an institutional lender would. you'd be giving me pay stubs, w2s and maybe even tax returns. you'd be giving me bank statements, because i'd want to know that you aren't check bouncers. after all, if i'm receiving your payments by check, i sure don't want them to bounce.
it's pretty much impossible to get inside the head of a person contemplating lending in that situation (owner-financing). in my opinion, it's a very risky way in which to sell a home, and i doubt i'd entertain the thought unless i could get a sweet interest rate in the bargain.
i don't know if i've been all that much help, but one other thing sticks in my mind as well. if you write a quite specific and convincing letter explaining your plans for how you intend to pay back the loan, and even elaborate on how you feel about the house itself, you might have a winning entry.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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Ebenezer
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Post subject: Contract For Deed Question |
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Jessica,
I have a few people that I have been doing contract for deed with, Is there a loan program where I can get them refinanced and pay me off if they have a low credit score but they have paid me on time ?? |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Welcome Ebenezer,
With a low credit score, your clients will not be able to get a mortgage refinance. Lenders have stopped giving loans to home buyers who have a poor credit score.
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Procrastination is the enemy of your financial success |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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i think i would be careful to label myself as "Ebenezer" if i were lending to private individuals, given the thoughts that Dickens-inspired name bring up to most people.
"a low credit score" is so undefining as to be meaningless. what kind of scores are you speaking of - sub-600? sub-500? how quickly one can refinance will rest, in part, on where the credit score starting point is.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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phil k
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Post subject: seller financed house |
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2 years ago i bought a house in texas..my credit was bad..i paid $108,000
but put down $30,000..........the seller gave me their business card they worked for a real estate company....now i found out they were fired because of doing these type of seller financing loans....anway my problem is ..........i pay my monthly payment allways at time....after trying for two years i finally got a copy of their bank statement......they owe $3,000 to bank more than i owe to them. they have not paid yearly association fees which i pay to them monthly and the big one is they have a 30 year loan with the bank and i have a 20 year loan with them.....should i get an attorney for fraud and misrepresentation......also isnt the real estate company responsible for the actions of their agents?????? please help me i am on disability..........agent orange from vietnam.........have limited funds
thanks....re phil |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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yes phil you need a lawyer...right away. you've been duped and the only way you'll be made whole is by finding out - from a lawyer - what recourse you have to fix the problem. go get yourself a good lawyer right quick!
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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