buying a house on land contract??and I'm having problems please help?

Question

me and my husband are buying a house on land contract it is set up now as we are paying rent for another year and we will get financed the year after,the owner of the home is not answering our calls and the roof is seriosly leaking and we have told him about 5 diffrent times and he keeps making excuses our dvd player and tv were messes up at first and now it just keeps leaking and we cannot get a hold of him.this guy was/is my husbands friend and it seems like he is trying to aviod us and we have put some money into the house to try to fix it up little by little so when the house is in our name it will be really nice. on top of all that he wasnt paying the morgage on the house and a friend of his had to catch it up for him for three months we have four kids that would be really hard to uproot them what would you guys do??? please help and only serious answers this is important.also my husband has been friends with him for 12 years and he is not the same at all he has been lying alot

Answer 1

You want honesty? Get your deposit back, call him on breach of contract and find somewhere else to move to. I wouldn't normally say this, because on a land contract you are basically the owner of the house and responsible for all the repairs unless it's stipulated that you aren't. But this guy is really irresponsible and he's almost lost the house already by not making the payments...which means he's spending all the money you are giving him. And if that's the case, there goes your principal on the down payment.

We sold one of our houses on a land contract and each month, part of what the people paid in rent, went towards a down payment. For example..we charged them $1100 a month in rent plus they paid all their own utilities. Our mortgage on the house was only $700, so the extra $400 went into an account for them to be used as their down payment. The account was in our name so they could not touch it, and we did it this way so that we were sure after the three year period, they would have enough for the down payment for a loan of their own. If they failed to pay, they breached the land contract, lost all that money, and went back to monthly tenants. We also had them make all their own repairs(lucky for us, they didn't have any), and whatever it would have cost, we deducted it from the purchase price. I also sent them out monthly statements as to how much they had for a down payment and what was left on our mortgage for the house. It worked great for us...and from what I was told, this is how it should be done from a legal stand point.

So my advice to you would be, if it's a verbal contract...start packing. He's not making himself available for anything...what's going to happen when it's time to purchase the house? Land contracts can go bad rather quickly if they aren't done right honey. I'm sorry, but I'd rather have you informed than in the dark on this.

Good luck!

Answer 2

Ok, I am a Realtor, and you are screwed. Not only that, you don't know what you are talking about because your statement makes NO sense. I won't go into details, but believe me, the way you tell this story is absurd and makes no sense at all. And that is not because you are so uneducated or stupid that you cannot use capitol letters or punctuation marks. Above and beyond that, your whole story makes no sense at all. You can't "buying a house on contract" AND "paying rent". The two are mutually exlusive . You better go get out the papers you signed, and scape up the money for a lawyer to help you out, because you don't know what you are doing. If you are really concerned, you better take my advice and do it NOW.

Answer 3

How about paying a lot less for the residing homestead (to the music of the cost of the upkeep) so as that you will be able to be sure that the artwork is complete to prevalent. the seller shouldn't care truly about getting a real high quality activity carried out even as you pick an area to call residing homestead. If the seller drops the cost you need to be waiting to attend to to pay for the upkeep. Is the non-public loan agency agency going to position a retention on the non-public loan - it truly is largely a fashion of growing helpful that the artwork receives carried out? it truly is sweet leverage with the seller. a lot relies upon on your situations and your willingness to address a house that desires artwork doing, yet i ought to say that you need to adventure a lot more effective proper with connection with the artwork it truly is being carried out if you're supervising it truly than the seller. regardless of you ascertain, get the advice of a solicitor with connection with the settlement between you and the seller - it truly is the position you need to stipulate the state of the residing homestead that you anticipate determining to purchase. good fulfillment both way.