dont mean to derail your thread as i have a similar situation i have a ? about. My wife and i bought a house new in a gated community in Branson 2 yrs ago. The guy who built them and owns the edition is the same guy. We talked him into buying the house back with us losing like 10k from what we paid. Its ok since we put 30% down on the house. Well he was supposed to buy it back in Oct. He couldnt get financing , which i found weird. Anyway so he paid rent until this month and it came off the sale price.. he has put 13,000 or so in it, but still cant get financing. I got pissed and told him he is going to lose his money if he cant come through and i would just rent it out til we found a buyer.
He got aggressive real fast and said he cant get financing but he has enough to pay off what we owe on the house, but he would have to make payments on the other 40k for a year at 6% interest and he would make the final ballon payment no later than 1 year. Im not sure how this would work. I mean , does this mean i would keep the deed or w/e until he pays it? He keeps saying he will give us the 150k and we will close the house and he will make the rest of the payments.... Doesnt that mean he would then have ownership of the house ? That kinda sounds like it would open me up to getting screwed out of the 40K...... Anyone ever had any experience like this?
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