Home Buying in 48427>Question Details

Doug, Home Buyer in 48427

How can i get out of a land contract?

Asked by Doug, 48427 Tue Feb 21, 2012

I bought a house for $130,000 on a land contract and paid more then appraisal value. I put down $9,500. I did some remodeling and stuck in at least $5,000 more. Now 10 months later my showers are leaking into my basement. The water heater is on last leg. Basement walls leak and have some mold. We are sick alot. It has been 10 months of hell fixing and sticking alot into this money pit. We want out. House payment, taxes and heating bills are to high and credit cards are maxed out. What are our options?

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Hello Doug,

I would take a copy of the Land Contract and find a Real Estate Lawyer who can go over the documents to see what your options are. It will cost you an hour or two of his time but it is your best course of action.

Every Land Contract is a bit different so someone will have to go over all of the details. But most likely you are going to forfeit your downpayment and your upgrades. To take it a step further (which will definitely require a lawyer), you may have a case to get out of it, with your money back, if there truly is mold.

There was a recent case in which mold was in a home that was sold and the family all got sick. They eventually got there money back but it took about 2 years and a lot of lawyers fees.

The bottom line is your families health is worth more than any amount of money, so do something about it. Maybe even talk to a Credit Counselor or a Bankruptcy Lawyer about your finances. You need to sit down and look at ALL options and make an educated decision so you can get some relief.

I hope this helps, feel free to contact me if you have any more questions.

Sincerely,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
1 vote Thank Flag Link Tue Feb 21, 2012
As far as i know Steve. It sat empty for about a year maybe a little longer. Someone was renting before that for about a year. Before that the guy that owns it now. His mother owned it til she passed away. As far as a home inspection, no we didn't. I heard from so many people that these guys miss so much stuff. It was like throwing money out the window. The guy that owns it is half tanked by 2:00 in the afternoon. No reasoning with him. Not his house, not his problem he says. I thought there were laws to protect the home buyer. I don't even know what a sellers disclosure is. Our taxes never got changed to a homested yet. We keep fighting city hall about that. The seller never sent us a 1099 i think it is, so we can claim it on our taxes. Maybe he's not claiming our payments as an income. I don't know anything except, he is a crooked s.o.b. Thanks for your help Steve.
0 votes Thank Flag Link Wed Feb 22, 2012
Doug,
Did you have a home inspection ? Did the seller provide a sellers disclosure ? Had the home been purchased prior to you where there might be some kind of document trail ? If you forward your address, I can do a history search for you. Good Luck, Steve
Web Reference: http://www.michiganhome.net
0 votes Thank Flag Link Wed Feb 22, 2012
Thanks Haig Realty. We have an appointment with a lawyer next Tuesday. We thought there should of been some home warranty like roof leaking, pipes breaking or in our case, stuff leaking and mold behind paneled walls in the basement.
0 votes Thank Flag Link Wed Feb 22, 2012
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