land contract for 14 months, property is 50k more than other homes. tlk with owner but refuses to budge and won’t give me down payment back.

Asked by Tryingtogetahead, 30043 Tue Jul 31, 2012

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4
Annette Law…, Agent, Palm Harbor, FL
Sat Dec 29, 2012
Trying,
There is WAY TOO MUCH we do not know about this transaction or your situation.
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As you know, the devil is in the details of the contract you signed. For the owner, God is in the details of the contract you signed. (You may have contractually agreed to a purchase price) We, reading your question, do not know what you signed.
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I would suspect you feel into a trap. Not really a trap. The details ARE in the contract you read. Those trying to circumvent the PROTECTIONS in place for home buyers often find themselves in a situation similar to yours. Consider working with a pro in the lending and real estate professions to position yourself property before your next real estate purchase. These processes are in place for your PROTECTION.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420. 4041
http://RealEstateMadeEZ.us
0 votes
Annette,
Thank you for your reply, I paid for appraisal and like I said house appraised for much less than he was asking and property needed about 20k in upgrades, original carpet bathroom kitchen and old appliances. A lesson learned moved out lost my 5k, but found out this is what the owner does he has had over 6 families in property in home over past 8 years and anticipates they will not qualify for home loan. I qualified but house did not qualify because appraisal was way to low. I was able to qualify for another home in much better condition and utilized my VA benefits. House is totally renovated and updated.
Flag Mon Jan 20, 2014
Bruce Ailion, Agent, Marietta, GA
Sat Dec 29, 2012
I continually tell prospective clients to avoid these transactions for the very reason face. Land contracts, lease purchase, lease option almost always benefit the owner not the tenant. Why should the owner work with you. You can move out and he can line up his next victim. You are likely screwed. Get the advice of a professional REALTOR next time.

Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
RE/MAX Hall of Fame – REALTOR Phoenix Award
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Certified Residential Specialist
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2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
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bruce@locationlocationlocation.com
http://www.LocationLocationLocation.com
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sat Aug 18, 2012
You would need to consult a real estate attorney on this matter. This is exactly why I always discourage lease purchase type situations.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes
Alex Rodrigu…, Agent,
Tue Jul 31, 2012
down payment? did you mean earnest money?
was it written on the contract what happens with the EM? who gets it and for what reason? were there time frames for things to happen? like inspections, appraisals, other contingencies?
would you like to elaborate?
0 votes
Have 24 month contract 5k as down payment. Monthly payments are $1332.00 he has held checks 30 to 90 days before cashing them
Flag Tue Jul 31, 2012
No appraisals or inspections he didn't want realtor involved becuase he said he didnt want to pay them.
Flag Tue Jul 31, 2012
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