I have a contract on a doublewide with river access. Here are the details:
ARV $52,000
Price $28,000
Repairs $1500
0 mortgage balance
Owner financing, $3,000 down, $400/mo., 0% interest.
The owner failed to tell me that he owes $2000 in back taxes until the day after we signed the papers. I do not have the extra money. Is there a way to borrow money on the deed to make this work?
Can someone please respond?
I really need some advice for this. I need to get back to the seller tomorrow.
If your getting the deed then of course you can borrow against it, provided you have a willing lender.
If the owner is financing make him take the difference off the down. Then you can offer to pay out the rest.
Title unlikely to transfer w/o tax pmt
I’m thinking your best move here is to just tell S no-thanks" and keep on a-lookin’.
No state would allow title to be transferred w/o proof of all taxes being paid in full.
S could be in trouble legally
With the emphasis these days on buyer protection and full disclosure, I’m thinking your state atty general’s office would be most interested in prosecuting your S if he doesn’t quickly refund what you’ve paid.
S is guilty of fraud if he didn’t openly disclose taxes or other liens against the home before he took your money.
Youre putting $3,000 down…have a title company pay the back taxes out of that money. Seems pretty standard unless there is something Im missing.