Posted by River City on January 13, 2008 at 06:59:16:
You need to consult with a good attorney. The longer you wait, the more it will cost.
Owner Financing Problem - Posted by Dana
Posted by Dana on January 10, 2008 at 08:38:23:
This problem is somewhat complex, so I’ll try to keep it as brief as possible…
We owner financed a home to a family who was unable to obtain financing through a bank. They saught to purchase the home before the construction was complete. Therefore we reduced the price of the home for the cost of the remaining work, and sold the home “AS IS.” This is also stated in the LEASE PURCHASE AGREEMENT signed by the buyers and sellers. This was agreed to, due to the fact that the gentleman attempting to purchase was in the construction business and agreed to complete the remaining work himself. It is clearly stated in the contract that the home was sold “AS IS.”
For the past 5 months the buyers have refused payment claiming certain problems with the home were never corrected within the first year warranty. However, we have evidence to show that every issue brought to our attention, regarding their problems with the home, have been resolved. (Receipts from contractors,etc.) They are in breach of contract, yet refuse to move out of the home. Their argument: “The home is fraudulent”
Due to an unresolved issue regarding the land, the property continues to be deeded in our name. The buyer never signed to have the property changed into their name. Therefore we cannot forclose on the buyer as stated in the contract. (We’d be forclosing on ourself.)
We’ve taken the matter to small claims court, only to learn that it was out of their jurisdiction. We are currently waiting on a court date for superior court.
Our question is: What rights do we have, (being that our name is on the mortgage, and the land)to remove these people from the home? So many laws are set up to protect the buyer, and it seems there is no protection for the owner in a case like this. The buyer has refused to pay for almost 6 months now. Even if the judge rules in our favor, is it true that they may be allowed to continue to live the home up to 30 days following the hearing? We are also curious if the judge can mandate that they pay us the amount they have witheld for the past 6 months. Can wages be garnished until the debt is paid?
Any answers or advice you can give us would be greatly appreciated.
Re: Owner Financing Problem - Posted by Edwin
Posted by Edwin on January 20, 2008 at 21:38:49:
You said you sold them the home. What exactly do you mean by that? In most “normal” sales, the buyer gets a deed to the land and the house. You said you still hold title to the land, so did you convey only the building? How? All I can suggest is you can either do a standard eviction,and if that doesn’t work, try foreclosing on whatever interest they may have in the house. But you really need a lawyer on this one, I think. It’s beyond my skill level.