Re: 2010 Land/home strategy

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Posted by Dr. B. (OH) on February 02, 2010 at 20:43:54:

In Reply to: Re: 2010 Land/home strategy posted by AndyR on February 02, 2010 at 09:05:34:

Often the seller is in default so he would be foreclosed upon anyway.

This way the seller has a CHANCE of saving themselves. The new buyer either delays the default OR will make his payments for him and maybe refi in buyer's own name some day.

For a seller not in default YOU MUST MAKE IT CLEAR TO THEM in writing and signed by them with a witness that their credit could be ruined and they may lose the house selling it this way. Otherwise you run the risk of "railroading" them into a default.

Steve


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