Posted by River City on September 28, 2005 at 05:56:35:
I agree with Dealmaker. You don’t need the social. It appears to me you may have another agenda like maybe you are wanting a way out of this property???
Owner-financing contract termination - Posted by Heidi
Posted by Heidi on September 27, 2005 at 18:19:56:
Hello. We purchased an owner-financed home & the seller is witholding her SSN/Tax ID#. We fear an IRS audit. We caught some errors in the contract. Is there anything you can think of to help us terminate this contract?
Buyer can walk at any time - Posted by John Merchant
Posted by John Merchant on October 04, 2005 at 10:00:12:
A buyer can walk at any time without much, if any, legal action resulting.
While the seller can & is frequently forced, by court action, to sell, rarely does a buyer get forced to buy.
This is exactly why a healthy down payment is required by the experienced RE seller…so if/when the buyer takes a hike, the seller can at least keep what he’s been paid.
Re: Owner-financing contract termination - Posted by dealmaker
Posted by dealmaker on September 27, 2005 at 22:32:02:
What kind of “errors”. You say they’re in the “contract”. If you’ve ALREADY PURCHASED the house the “contract” is a moot point generally. If there are errors in the WARRANTY DEED that is a different matter. Let us have some details.
I’ve been selling places on a seller financed basis for more than 20 years, probably 25-35 of them. I’ve had perhaps 5 buyers ever ask for my SSAN, I’d give it if they wanted but it’s easy enough for the IRS to match it up (if needed) via my name, address and zip code, the IRS computer is pretty good, even without the SSAN. They wouldn’t audit YOU for not having it, but they would slam and jam on the mortgagee for underreporting his income.
dealmaker
Re: Owner-financing contract termination - Posted by Heidi Elfstrom
Posted by Heidi Elfstrom on September 28, 2005 at 16:37:06:
Thanks. I was limited in space, hence the brief descriptions. We did purchase the house. Errors in the contract that we caught were related to the stated monthly interest payment which the attorney calculated. (The seller found this attorney but, of course, we paid his fee.) My husband caught it and it was changed prior to signing. Other errors included inverted interest rate, etc. These changes were all caught prior to signing as well. I’m hopeful that an error exists that would allow us to terminate the contract. I’ve asked another attorney to review the contract but have not heard back from her. Not being attorneys, we are ignorant to the terms of the law so I can’t say what other errors exist. As for the Warranty Deed, there is no warranty on the house, we purchased it “as is”. Am I misunderstanding the purpose of the Warranty Deed? As for the SSN, I thought it would be required on the 1099 we, as the buyer, are provided to claim the interest paid to the seller for tax credit?? I didn’t realize the IRS would be satisfied with just the seller’s name, address & zip code??! Simply put, the love affair with the house is over and we have hopes in identifying an “out.” The seller is treating us like tenants, calling to find out if we’re protecting the windows against Hurricane Rita. Any ideas?
Thanks!
Heidi