A buyer wants to buy my house for $900,000 but wants to pay us $500,000 and we live in the house as custodians for 1 year. Then he will pay $400,000 and get title to the house.

If this is all done through a real estate agent and lawyers where the money is held for a period will that stop any possible problems

This just seems a bit strange as the potential buyer did not try to negotiate the price

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Originally Posted by texaskiwi

if this is all done through a real estate agent and lawyers where the money is held for a period of time will that stop any possible problems

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Hello t:

Sounds like a great deal. Except I wouldn't agree to any money being held. That's good for HIM - not YOU. Don't do it through a real estate agent. Do it through your own lawyer.

I can't see any problems. Even if you have a mortgage, you continue to make the payments out of the half a mil, and title will transfer at closing. It's like paying rent for a year. You're going to have to pay something, somewhere.

If you HAVE a mortgage, I wouldn't register the contract with the county. If the bank that holds your mortgage is alerted, they will probably call your loan.

excon

You will need your own attorney, not theirs.

The money up front would or should not be "held" and no closing and no deed transfer till all money has been paid.

But yes sounds like a scam. Has the buyers came and walked though and looked at the home, or are the buyers "out of town, or even in another nation ?

Get an attorney to represent you. Have a contract signed where you are selling the property for $900,000. The buyers will give an up-front deposit of $500,000 with closing to occur in one year with the balance of $400,000 due at that time. Get your attorney to negotiate that a portion of the deposit will be non-refundable.

But don't even think about doing this without an attorney to represent you.