Need Inducement - Posted by Mary-VA

Real Estate Investing
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Posted by Mary-VA on January 07, 2002 at 09:56:34:

Once again the people on this News Group have solved my problem. I sincerely appreciate everyone who takes time to answer questions on this site. Thank you so much.

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Need Inducement - Posted by Mary-VA

Posted by Mary-VA on January 06, 2002 at 11:26:35:

I want to encourage a seller to accept my terms by assuring him that if I fail to pay as agreed, he won’t have to go through a formal foreclosure process. How do I do this?

Thanks.
Mary

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Other end as well… - Posted by TRandle

Posted by TRandle on January 06, 2002 at 16:39:05:

Mary,
In addition to having the quitclaim deed escrowed, I would look into having the deed released back to you after so many on-time payments. You don’t want to be a long ways down the road and have a little slip-up cost you the property. Just a thought…

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Re: Need Inducement - Posted by JT-In

Posted by JT-In on January 06, 2002 at 11:50:24:

Mary:

You could execute a QuitClaim Deed, conveying your interest back the Seller.

Place the Deed in escrow, (on deposit) with someone who each of you trust to administer the terms of the ecrow agreement, stipulating when and how the Escrow Agent would release this Deed to the Seller.

There will be a cost for setting this up, but it should be $ 500 or less. Hopefully that cost doesn’t quell the deal.

JT-IN

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How about… - Posted by BillW.

Posted by BillW. on January 06, 2002 at 11:43:18:

Mary,
Just sign a quit claim deed back to the seller. Leave it undated. Have it held in escrow or by seller’s attorney, to be filed ONLY in the event of a default by you. (Have a clause in your agreement that says if you miss a payment or default in any way, that you have 30 days to cure the default, or the attorney has instructions to file the quitclaim). Make sure that you don’t default, or seller will file it and you won’t own the property anymore.
Good luck,
BillW.

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Need details - Posted by Brian M. Powers(MI)

Posted by Brian M. Powers(MI) on January 06, 2002 at 11:30:15:

The pro’s on the board (which I will be someday!) will need more info from you.

Exactly what terms are you buying on? If you are buying via a Lease Option than the seller would only have to “evict” you and not foreclose.

Are you buying on a Land Contract?..if so, what is the language in your agreement that pertains to defualt by the buyer (you)?

BMP