Ask Experts Questions for FREE Help !
Ask
    allypooh27's Avatar
    allypooh27 Posts: 3, Reputation: 1
    New Member
     
    #1

    May 8, 2008, 06:38 PM
    Confused about Bond for Deed.
    In January, my family and I moved into a duplex in Louisiana under a bond for deed contract. It was explained to us that we could move in and had an "option to buy" in three years, but if we decided not to buy it, we could walk away from it. We never wanted to really buy the place, but as it was decent and affordable, we went with it. We had just moved to Louisiana and were not sure where to buy a house, but needed a good neighborhood close to our jobs where we'd be safe, as we have a small son. Recently, my husband landed a job with the sheriff's dept, and we decided to start looking for a real house. So, we called up the realtor and found that they are working for a new realty company because the company we did business with is pursuing other deals with the owner of the condos I live in.
    Long story short, turns out we're stuck. We cannot move out with our bond for deed. We MUST refinance and get the place in our name, then turn around and sell the place. Nothing I signed stated any kind of "exit clause". We were lied to. We haven't ever seen the deed itself. During the signing of the place, I felt the owner was strong-arming me into buying the place, but he was actually telling me I HAD to buy the place in three years.
    None of this makes sense to me. My husband and I are meeting with a Mortgage attorney fellow tomorrow, but can someone please tell me (in layman's terms) exactly what I'm dealing with (aside from a jerk:( Could someone please tell me about bond for deed? My husband and I have really great credit... will this affect it negatively? I'm so angry and just all around hurt by this, we really feel as if we've been swindled. But, I want to know what the deal is with this "bond for deed", and why the owner is being so selfish.
    Thanks for any input.:o
    iblair30's Avatar
    iblair30 Posts: 1, Reputation: 1
    New Member
     
    #2

    May 28, 2008, 05:05 PM
    I'm in the same position could you please tell us what's going to happen.
    allypooh27's Avatar
    allypooh27 Posts: 3, Reputation: 1
    New Member
     
    #3

    May 28, 2008, 06:12 PM
    We had to find someone who was willing to take over the condo payments... and we're in the process of doing just that.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,277, Reputation: 7690
    Expert
     
    #4

    May 28, 2008, 06:17 PM
    Well first for all those reading this LA has different housing laws and different laws on deeds than any other state in the US.

    The Bond for Deed should have or allow though defaut an exit ( you would lose all money put in) I believe you need a real estate attorney in your state, to review all the material, Normally no you don't get the deed until the end of the time ( the property is not actually put in your name normally under bond for deed)
    cajuntomboy64's Avatar
    cajuntomboy64 Posts: 3, Reputation: 2
    New Member
     
    #5

    Jun 24, 2008, 05:59 PM
    Quote Originally Posted by allypooh27
    In January, my family and I moved into a duplex in Louisiana under a bond for deed contract. It was explained to us that we could move in and had an "option to buy" in three years, but if we decided not to buy it, we could walk away from it. We never wanted to really buy the place, but as it was decent and affordable, we went with it. We had just moved to Louisiana and were not sure where to buy a house, but needed a good neighborhood close to our jobs where we'd be safe, as we have a small son. Recently, my husband landed a job with the sheriff's dept, and we decided to start looking for a real house. So, we called up the realtor and found that they are working for a new realty company because the company we did business with is pursuing other deals with the owner of the condos I live in.
    Long story short, turns out we're stuck. We cannot move out with our bond for deed. We MUST refinance and get the place in our name, then turn around and sell the place. Nothing I signed stated any kind of "exit clause". We were lied to. We haven't ever seen the deed itself. During the signing of the place, I felt the owner was strong-arming me into buying the place, but he was actually telling me I HAD to buy the place in three years.
    None of this makes sense to me. My husband and I are meeting with a Mortgage attorney fellow tomorrow, but can someone please tell me (in layman's terms) exactly what I'm dealing with (aside from a jerk:( Could someone please tell me about bond for deed? My husband and I have really great credit...will this affect it negatively? I'm so angry and just all around hurt by this, we really feel as if we've been swindled. But, I want to know what the deal is with this "bond for deed", and why the owner is being so selfish.
    Thanks for any input.:o
    I am not sure about what you signed, but I was looking into doing the same thing. The papers signed are supposed to be saying you are purchasing the house ( taking over the notes, so to speak) and when the loan is paid off you will in turn get the deed to the house and land.

    This may be a little weird asking this - but where is your home, I may be interested in taking it over for you, as I too have a young daughter and need a good neighborhood,


    Good luck and thanks
    allypooh27's Avatar
    allypooh27 Posts: 3, Reputation: 1
    New Member
     
    #6

    Jun 27, 2008, 08:59 PM
    To Cajun: it's in Baton Rouge, off Coursey and South park. Email me at allypooh27@yahoo.com for details. Call Renee Barron at 225-773-6455 for the detail or to make an appointment to see the property.
    damians360's Avatar
    damians360 Posts: 2, Reputation: 1
    New Member
     
    #7

    Aug 3, 2008, 07:01 PM
    Hello,

    I have a bond for deed contract on a current property(in louisiana). Basically you have three options. One- continue to make payments as a responsible party to a contract that is enforcible if you stop paying or try to move. Two- sell the condo and pay off the bond for deed contract in full and hopefully have enough money for a downpayment on a new property. Three find financing from a bank and satisfy the contract(option two). I am a real estate investor and entered my contract knowing all the terms of bond for deed. Unfortunately Louisiana does have some funny laws but bond for deed contracts is not one of them. In what other state can you got to and buy property without a bank, unless you have the cash(doubt it). Sorry for the apparent strong arm tactics of the person you bought the condo from but your not a victim unless you make yourself one.
    ybrown22's Avatar
    ybrown22 Posts: 1, Reputation: 1
    New Member
     
    #8

    Sep 11, 2013, 09:09 AM
    What can I do if the purchasing isn't maintaining the property?
    Louisianaguy's Avatar
    Louisianaguy Posts: 1, Reputation: 1
    New Member
     
    #9

    Nov 5, 2013, 03:03 PM
    As Damians360 stated before with one other option.

    Unless the contract for deed states the the title holder can come after you legally and obtain a judgement, you may have the option of just walking away. Think of the loss as paying rent in an apartment or rental home. You had to live somewhere.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Lousisan bond for deed [ 4 Answers ]

I have a bond for deed on my property. The finance company sold my deed to glendale finnace and they are giving me 5 days to move out or pay them $6000. To refinance with them. I am not late on any payments. Can they do this?

Bond for deed [ 1 Answers ]

How do I get a bond for deed?

La. Bond for deed [ 1 Answers ]

Do I have to notify mortgagor if I'm sell property in la. Under a bond for deed

Bond For Deed [ 4 Answers ]

Need Help! I have a offer to purchase some property with some equity in it. Owner sold property by using Bond For Deed with the stipulation that buyer will get their own financing in one year(in contract), its been three years and buyer is still not able to get financing, seller in turn wants out...


View more questions Search