Home Selling in Phoenix>Question Details


Tenant agree to purchase at current appraised price between 12-24 mos. Property is down $100k and Seller does

Asked by LORI WEGNER, CHANDLER, AZ Tue Aug 19, 2008

not have money to produce CLEAR TITLE. What are Seller & Tenant options?

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Sounds like a mess to me, if teh seller still wants to sell and the buyer still wants to buy, try a short sale with the sellers lender, it may take a long time but if the tenant is already in the property than you have time. The key is was this signed 12-24 months ago or is it to close 12-24 months in the future. if it is in the future the seller should not agree to do something they can not fullfill. If it is already signed you may want to consult a real estate attorney. Good luck with your situation
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Aug 19, 2008
Lease purchases in a declining market are a real disaster in the making. I would speak with your Designated Broker and Attorney. You have to think ahead in this type of structure and it goes way beyond a simple question and answer on trulia.
0 votes Thank Flag Link Tue Aug 19, 2008
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