Home Selling in Atlanta>Question Details

Wendy G, Home Buyer in Douglasville, GA

Lease purchasing a home in Bartow co, does a the seller have a right to have a key to our home and to come in?

Asked by Wendy G, Douglasville, GA Tue Dec 16, 2008

Not lease option. Lease purchase. We are to pay the payments, insurance, taxes, upkeep, and for any improvements. We have to relocate and we wanted to take advantage of all the deals out there. I searched for 4 months and found a short sale. The agent did not find this house. We found it, and agent and a friend of ours got a mortgage on this until we get our own financing. We have to bring Line 31 up on our taxes and improve our credit score. We have to pay the agent and our friend back their downmpayment. We have to pay her and extra 5000 for the 15000 she put in for the downpayment. Agent has became strange since the house appraised for 30,000 more than the sale price. She knew we were looking for a deal like this. Our friend will not allow Agent (his friend) to profit any more than her 5000 and commision. We never agreed to anything beyond the paying back their downpayment plus her extra 5000. Agent wants a key and says she can come in whenever she wants. It doenst feel right.

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5
Wendy
You have this agreement in writing, correct?
Access by the owner should be addressed in the contract.
State law may offer your protection under landlord- tenant regulations.

No matter who is involved, or well they are known to each other, a clear written agreement is the only way to insure that EVERYONE is protected.
1 vote Thank Flag Link Tue Dec 16, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
My old daddy once told me, never borrow money from a friend/family,if you do you can loose that friend/family,, borrow from me, you will never loose me!!! In other words, don't mix money and friendship/family!!!! but if you have too, make it legal, use professionals and it is ALL business...
I would take it to your atty asap. As for the key, that is a contract issue and who is on the deed as owner.
Good Luck
Dave Caplin
KW Commercial Atlanta
http://www.yourmonopolycoach.com
0 votes Thank Flag Link Tue Dec 16, 2008
The Agent and our friend got the mortgage. We are suppose to be getting our own financing in May but we have up to 2 years. In the beginning it was just our friend buying a home and carrying the note until we could. The Agent got on the loan with him after she offered to help with the down payment. He has known the agent for 15 years she has sold him several homes for family. He is a life long family friend. He offered to help us out. We had to relocate and he offered. We could not qualify yet. The market is full of so many great deals so I searched for hours every day for 4 months and finally found a great house. Like I said since the appraisel the Agent has began to act strange. She wanted to make more money off us than agreed. She said we had no right to complain because of the instant equity. As for an Attorney, I will be meeting with one now. I just got a little weirded out because she keeps saying she needs a key to come in our house if she wants. Can she do that just demand a key. We were responsible for buying new locks and installing them as well. That's why she doesn't have a key. Afterall we are lease purchasing the house.
0 votes Thank Flag Link Tue Dec 16, 2008
This sounds like the next hit on Bravo.....

Your friend the agent "got the mortgage"? What does that mean - she applied and is carrying the note for you?

Who signed the purchase agreement? Please tell me there was a lawyer involved because this is where this one is headed.....

Hank
0 votes Thank Flag Link Tue Dec 16, 2008
Sounds fishy to me too. If it sounds fishy to both of us I would walk (run) away as fast as I can.

Ed Francell
Prudential Georgia Realty
770-633-7576
0 votes Thank Flag Link Tue Dec 16, 2008
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