we put a large amount of money down and he didn't think I had a copy of our purchase agreemet that he tried to change the terms when his loan changed. Any way according to the agreement we overpaid the monthly amount by what I thought was $86.00 a month, but I just remembered that he add $4000. tax bill onto the price and counted part of our monthly payment as a tax pmt. So after a year of payments he decided we were interest only. Now we had to browor the closing cost because he ended up having a pre payment penelty that we had to pay 1/2 of. So my questions are do I leave it up to him to do the right thing as far as making the funds correct because even after all that I still need to honor my word and pay him back Correct?
2006-12-15 02:23:20 · 6 answers · asked by krs451960lovesnlc 2 in Business & Finance ➔ Other - Business & Finance
your first mistake was money dealing with a friend. get a lawyer
2006-12-15 02:34:53 · answer #1 · answered by norsmen 5 · 0⤊ 0⤋
You are only responsible for whatever is in the agreement you signed. If you want to know exactly what you need to do, you will need to go over the agreement with a lawyer. Does your purchase agreement say you have to pay 1/2 of a prepayment penalty? If not, you don't pay it.
It sounds like this person is financing the home for you. If so, I suggest you try to get a loan through a mortgage company or bank, pay of the purchase price of the house to this guy, and do your financial business through a professional lender. The only downside to doing this would be if he included some kind of pre-payment penalty in your agreement.
It's always better to deal with professionals. This guy doesn't sound like he has it together and you don't sound like you know much about what you are doing. Seek professional guidance.
2006-12-15 02:33:27 · answer #2 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
I don't really undersand your question. Or the whole problem with the house. We just bough a house, and most of the "talk" went over my head. But, if you have known this person for years, I think you should be able to talk out any concerns you have with the deal. If you feel that this is going to cause a problem in your relationship with the seller, i would suggest you get someone else involved with this, just to keep things straight. Hope this helps. good luck.
2006-12-15 02:35:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
True - either he does not know how to do a real estate transaction, or he thinks you don't, and he's taking advantage of you.
Too often, on FSBO transactions, there results one of three scenarios:
1 - Neither the buyer nor the seller know how to correctly complete the transaction, resulting in problems.
2 - The seller is knowledgeable about real estate and is taking advantage of the buyer.
3 - The buyer is knowledgeable and is taking advantage of the seller.
All this to save on Realtor fees. Was the savings worth it?
2006-12-15 02:35:18 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋
An old adage in sales:
If you can't make a profit off your friends, who then?
2006-12-17 04:48:12 · answer #5 · answered by ed 7 · 0⤊ 0⤋
Get a lawyer. This person is either dumb or he thinks you are.
2006-12-15 02:27:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋