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Buyer wanting to sell house while in a Contract for Deed
:confused: I spent 2 months waiting for the buyer of my home to get his loan, then he wasn't approved. Now I'm 2 months behind on my mortgage, am facing the dreaded 90 past due (and foreclosure) without any time to get a new buyer to get money to the mortgage company.
So I decided to do a Contract for Deed to the same guy who wasn't approved. I figured, "Hey, he thought he was ready to move there and was going to buy it, so now he's just buying it from me", right? So we finally agree on a payment amount and then he tells me that he's just letting me know that in a couple of years, he's going to be selling my house - that his kids will be out of the house and he won't need a 4 bedroom house anymore. I was stunned. Like he can sell MY house. Anyway, I acted like that was okay because I had to get the proper verbiage to tell him that he won't be able to sell MY house, that the money he will have put into it is mine because it is MY house still. So I just want to verify that what I think is accurate, that he won't be able to sell MY house when he doesn't own it and the mortgage is in my name, right? I guess I need to know my options at that point and to let him know up front what I will do when it comes to that before we go into this contract for deed. Can anyone help?? I'm just trying to save what I've already got invested in this deal and not loose my house to foreclosure. Thanks. |
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If he pays you off from the proceeds from the sale, I would think that would be acceptable. It would depend on the wording of the contract. You wouldn't lose money on the deal if it is set up properly. He could not sell it until he completes the contract with you to make it his own property. Have a lawyer draw up the paperwork to be safe. They will know more about percentages of equity that might entitle the buyer to more rights. Think of yourself as the bank, and a buyer can't sell until they pay off the bank.
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While you hold TITLE to the property your BUYER has EQUITABLE title and he can sell it and pay off whatever balance is owed to you... otherwise, he would be a tenant... you did the smart thing and if/when he wants to sell, have your attorney check for your options on pay out.
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