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    toe-joe's Avatar
    toe-joe Posts: 2, Reputation: 1
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    #1

    Feb 28, 2007, 10:37 PM
    Bond For Deed
    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 and is giving me the opportunity to buy property, but the first buyer(Bond for Deed contract) is still making regular payments and don't want to get out of property. How can I make this work out? By the way property is located in Louisiana which have some funny laws.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Mar 1, 2007, 09:12 AM
    Hello toe:

    Well, this appears to be a mess that you DON'T have to get involved in. Unless you can make a financial killing from your investment, I would stay away from this one. Even CLEAN properties have problems. This one is sooooooooo dirty...

    From what it looks like to me, the original owner already sold his property once. And, the guy he sold it to thinks it's his. He's making payments. Do you think you're just going to waltz in here and things are going to go right? I don't think so - it's not even a close call.

    excon
    toe-joe's Avatar
    toe-joe Posts: 2, Reputation: 1
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    #3

    Mar 1, 2007, 11:47 AM
    Even if he didn't live up to his bargain by getting financing
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #4

    Mar 1, 2007, 03:22 PM
    Hello again, toe:

    That's a problem between the original buyer and seller. IF they get that mess figured out, that might be a good time to invest. BUT NOT NOW.

    excon
    dmlegal's Avatar
    dmlegal Posts: 3, Reputation: 1
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    #5

    Nov 20, 2007, 08:50 AM
    Quote Originally Posted by toe-joe
    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 and is giving me the opportunity to buy property, but the first buyer(Bond for Deed contract) is still making regular payments and don't want to get out of property. How can I make this work out? By the way property is located in Louisiana which have some funny laws.
    What have you done with this situation. I am in Louisiana and a Bond for Deed stipulation is enforceable just like any other contract. What part of the state is it in. New Orleans area is a dead market.
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