Ask Experts Questions for FREE Help !
Ask
    RKent27's Avatar
    RKent27 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Jan 27, 2008, 07:37 PM
    Land Contract Options.
    My husband and I purchased a modular home last October on a Land Contract. The purchase price was $62,000, and we put $5,000 and agreed to $500 a month. We also agreed to finance through a bank within 5 years. Well, my Dad passed away and left my Mom with a huge house all to herself. We have decided to move in with her (since her house if next door!). What are our options on either selling or getting out of this contract? We have put well over $5,000 into it (new carpets, paint, appliances, etc) and hate to lose everything! We've made all of our payments on time. Help!! Can we sell it ourselves?? Or are we able to get our down payment back at least?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jan 27, 2008, 08:00 PM
    You can't sell it because you don't own it. You may be able to assign it to someone, if the contract permits. You might be able to negotiate a buyout from the owner.
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!

Getting out of a land contract [ 2 Answers ]

Me and my husband got a modular home on a land contract (without the land its in a park) we filed bankrupt a year and half ago but continued to make payments but now we have an offer to get a real house and we want out of the house we are in but they are saying we own it. But how do we when we have...

LAnd contract-OH default [ 13 Answers ]

I am trying to find laws on Ohio land contract default by buyer.We were the buyer and husband got a job out of state.We paid all rent on time-tried to work out deal with owners(3 months before leaving)on putting th ehouse on market or re-renting it to someone else.They did not want to help at...

Land contract [ 1 Answers ]

Both my sister and I hv mortgages on our homes... She also wanted my home and I was ready for a change due to a divorce and do not need such a big home any longer... we owe the same amount on each mortgage so we want to swap houses... She has bad credit and cannot get another loan so we want to...

Land contract [ 2 Answers ]

Hello, Before I got married, I had a land contract on our house through my mom who has no lean on the house. It's a 30 year contract but it only has my name on it. We now have kids and want to have her name on the contract as well. My mother also agreed to give us a better interest rate. She had...

Residential Land Contract [ 1 Answers ]

Is it possible to find an instructional package for residential real estate land contracts that may also contain forms for both buyer and seller? Hopefully at minimal cost.

View more questions Search