I need to know where we stand, this is very frustrating for us.

The proposal was land (Wyoming), and refurbished trailer in the country. We put $2,000 down and went to an escrow company to fill out the paperwork for closing etc. "Contract for Deed" The contract stated we would take possession June 1, 2008 and our first payment would be due. We would be responsible for all taxes from that point. We're listed as the third party of interest. Bank, Seller, and than Buyer.The seller stated, and still insists, we did not have to make a payment until we moved in but we have access to the land anytime we want.

He always has an excuse on why nothing has been done. He was over 20 lots he sold in this manner but has not started any work on any of them. We don't have anyone asking for payment but we're tired of waiting. We're stuck living with family because we don't know when this will come through. 5 people living in one room for 18 months is aggravating. :confused:

The taxes are in our name. He received financing from a bank and the funds were released for the project in August 2009.

The contract states he has to provide electric, sewer, and propane. He has done nothing. Is there someone we can contact to get him moving. We have researched his credit history and it looks great on paper, but he's a good talker. He has all the other buyers intimidated. He'll just make them wait if they keep talking.

We spoke with a lawyer and they tell us to get another home and let this sit. It could come through someday. Money talks, and we don't have it. We want this more than anything but how long do we have to wait. And, the taxes don't seem fair if we haven't taken possession.

I'd appreciate any info.

I don't understand, if you got funding though a bank, this is a purchase, not a contract for deed??

A contract for deed the seller is the person you pay not a mortgage company.

Also most contracts are not filed at the court house.

He is in vioation of the contract, I would guess, if there was a time frame in the contract

You can "move" to your property and sue him for the costs of the electric, sewer and propane

Hello art:

You have a contract that grants you certain rights. That contract appears to have been violated. If the lawyer you spoke to isn't interested in securing your rights under that contract, make sure you DON'T hire him.

If it were ME, I'd hire me a lawyer who DOES know what he's talking about. Yes, you might have to do a little shopping.

excon

I agree with Chuck (and excon). This transaction sounds very strange. If you got financing through a bank, then I don't understand why the seller would maintain an interest unless the financing didn't cover the purchase price. Even then, he would have taken back a second mortgage.

You really need to have an attorney familiar with local law look over that contract and determine what actually went down.

Sorry, the escrow company is a middle man hired by the seller. They just collect the money, notarize the contract, and hold the quit claim deed until the property is paid off.

The seller owes a bank for the property but is splitting it up into lots and selling them contract for deed.

The escrow contacted me and said the account was on hold until the seller re-instates it. So, we're not expected to make any payments until then.

Ok, so the bank has a lien on the entire property that is carried down to the subdivisions. And your contract is with the seller using the escrow company as middle man. That makes a lot more sense.

But we still are back to the terms of the contract to see if the seller is in breach.

The Contract states he was suppose to supply the water, sewer, and electrical hook ups to a 3 bedroom trailer June 1, 2007. We agree to make a monthly payment to the escrow company when we take possession of the land. We have to carry insurance. There is a 20% penalty to pay the contract off early. We're listed as the third party of interest... Bank, seller, and than occupant (us). A percentage of the monthly payment goes in escrow, another to the bank carrying the note, and the rest will go to the seller... which is two people.

I spoke with the escrow company. They were notified by the seller that payments are not due on the contract until further notice. They have no idea what's going on and are only the collector of the funds.

The seller told me in writing... he has a meeting with a guy about contracting trailers. He has no money to finish the project and is still looking. So we are still waiting on this guy to do what he said he would do... no home yet!

Hello again, art:

And, if you do NOTHING, you never will get a home.

You came asking for advice. Then you ignore what you've been told. Bummer for you.

excon

I'm not looking for advice on hiring an attorney, anyone can give that advice. I'm looking for some advice on what rights I have. I have spoke with several attorneys who want a chunk of change to even discuss the matter. I was told to sit and wait it out or take the loss and run. The lawyer would cost more than the down payment. Does anyone know real estate law? This guys has over 20 buyers in the same position I'm in.

My thoughts: contact my local land development representative? newspapers, or report the seller for tax fraud. Maybe small claims court for damages. Word of mouth travels fast in this town, barely 50,000 people.

If I don't get the land I contracted for, I would at least like people to know who this guys is... a man of his word, so he says. Scam Artist?

Hello again, a:

I think it's been pretty well established that this guy violated your contract, so this isn't about the law. It's about what you're going to DO about it.

I wasn't suggesting that you have a nice sit down with a fancy lawyer @ $450/hr to find out if this guy screwed you. I was suggesting that you hire him to GET YOUR PROPERTY.

excon