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/u/checs_mix
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So my partner and I are thinking about purchasing a home from a relative of his. The home was previously being rented out to a family, who have moved since we made tentative agreements to engage in purchasing this house.
Since those verbal talks began, we discovered that the house it not titled to our “seller” but instead her daughter, who is not in the picture when we’ve been speaking with the relative who is “selling” the home.
The agreement was to be my partner purchasing through seller-financing at a value under market and with a lower interest rate than he was approved for through two separate mortgage lenders. This is why we were so excited and ready to go when she set those tentative terms.
Now, she has finally disclosed the title discrepancy with us. Her daughter has the title to this house this (the house we are in talks of purchasing) seller was acting as a landlord over, and the seller has the title to her daughters house (uninvolved in this sale/agreement).
Also, now, the seller is telling us that we can move in at any point once “paperwork” is finalized, but due to “tax reasons” it’s going to take a year or so to get the homes titles’ switched. During this time, we will be “renting-to-own” and the money paid towards rent will turn into equity once the sale is made in a year or so.
Can anyone make sense of this for me? We literally have no knowledge of real estate but we’re getting cold feet because of how odd this sounds, because of how much the “terms” have changed, and honestly just because she wasn’t completely forthright with these terms. I also find it odd she would be so willing to evict renters to only put us in.. as renters? We would’ve happily waited a year for the titles to be switched and moved then?
Thanks, will be happy to answer questions bc I know this is so confusing
submitted by /u/checs_mix
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Uninformed, have questions!
Continue reading...
Since those verbal talks began, we discovered that the house it not titled to our “seller” but instead her daughter, who is not in the picture when we’ve been speaking with the relative who is “selling” the home.
The agreement was to be my partner purchasing through seller-financing at a value under market and with a lower interest rate than he was approved for through two separate mortgage lenders. This is why we were so excited and ready to go when she set those tentative terms.
Now, she has finally disclosed the title discrepancy with us. Her daughter has the title to this house this (the house we are in talks of purchasing) seller was acting as a landlord over, and the seller has the title to her daughters house (uninvolved in this sale/agreement).
Also, now, the seller is telling us that we can move in at any point once “paperwork” is finalized, but due to “tax reasons” it’s going to take a year or so to get the homes titles’ switched. During this time, we will be “renting-to-own” and the money paid towards rent will turn into equity once the sale is made in a year or so.
Can anyone make sense of this for me? We literally have no knowledge of real estate but we’re getting cold feet because of how odd this sounds, because of how much the “terms” have changed, and honestly just because she wasn’t completely forthright with these terms. I also find it odd she would be so willing to evict renters to only put us in.. as renters? We would’ve happily waited a year for the titles to be switched and moved then?
Thanks, will be happy to answer questions bc I know this is so confusing
submitted by /u/checs_mix
[link] [comments]
Uninformed, have questions!
Continue reading...