A deal in New Mexico! - Posted by Bruce Lawson

Posted by John Merchant on January 01, 2011 at 10:39:54:

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A deal in New Mexico! - Posted by Bruce Lawson

Posted by Bruce Lawson on December 07, 2010 at 21:52:41:

My wife’s house is facing foreclosure, and I thought I would ask investors if someone would be interested in buying her house for $87,000 and sell it back to my wife with a lease option.

See my wife has much vested in this property, her and her first husband built the home in 1980 and her son and his family are living there which includes my three year old grandson. My wife and I are living 300 feet away in the house she was raised in.

It would be very upsetting for her to lose that house.

Please let me know if someone would be interested in helping us out.

Bruce

Re: A deal in New Mexico! - Posted by michaela-CA

Posted by michaela-CA on December 10, 2010 at 16:44:35:

Bruce,
fyi - chances are that you won’t find an investor that will do that, because the risk is too large.

While you may say, but I’d be eternally grateful, there have been cases where investors let previous owners rent the house back and those, now tenants, turned around and claimed in court that they didn’t know that they sold the house. They thought they only refinanced or similar. And a judge might side with the ‘previous homeowner’ and punish the investor.

People make a lot of promises when they’re desperate, but once they’re past that moment they turn resentful.

Not saying that you would, just wanted you to understand that it would not be an easy feat to find someone that would buy the house and let you stay.

Michaela

Your proposal very dangerous - Posted by John Merchant

Posted by John Merchant on December 13, 2010 at 11:54:01:

I’d never do, or let one of my investors do such a deal as way too many of these have gone bad w that home seller/occupant being basically unwilling to move out w/o a fight if/when he doesn’t pay as agreed.