Posted by PBoone on April 17, 2000 at 15:46:52:
If the deed is in your name it will not matter so much for the reimbursment. You can then sell at will or refi to get your money back.
Pat
Help!!! Possible 1st deal or 1st nightmare… - Posted by Tuan Pham
Posted by Tuan Pham on April 17, 2000 at 12:13:53:
My girlfriend received an offer to take over a mortgage for a 3 bedroom 2 bathroom house from a very motivated seller. He lives 10 months out of the year in Africa and he wants to sell this property. Only problem is this property needs a lot of help. It hasn’t been taken care of well at all. We would have to put in brand new carpets, paint all the walls, down stairs ceiling is damaged due to bathroom flood, the previous renter took ALL the fixtures which includes all door knobs; light switch plates; phone jacks; they even took the cupboards in the kitchen, there’s also 3 decent size holes in the living room. The guy said the remaining balance on the mortgage is $40K but claimes that he’s going to subtract whatever it costs to fix it up from the above amount. Now here comes the problem, he’s going to be leaving for Africa this Thursday and won’t be back til at least August. How are we supposed to get this all done in 3 days, and what if he decides not to follow through regarding the reimbursement. He’s willing to have everything in writing, but it would be one hell of a trek to track him down if he decides to renege on the agreement. So do you folks suggest that we go on with it or should we bypass this. BTW, last year the guy had the house appraised for about $94K.
Thanks in advance,
Tuan Pham
Re: Help!!! Possible 1st deal or 1st nightmare… - Posted by Steve-Atl
Posted by Steve-Atl on April 18, 2000 at 10:43:20:
I agree with PBoone…get the deed before he gets away. If he is willing to contribute to the repair costs, can he contribute before he leaves? If not, don’t worry about it.
If the property is worth $94k, and you can get it for taking over payments on the existing $40k mortgage, its still appears to be a deal in spite of the repairs you described.
Be sure to check the title before you spend any of your money on the property. There could be other mortgages, liens, or judgements that will suprise you when you try to sell. If you discover other liens against property after the seller has it deeded you the property, just don’t record the deed.