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Old 03-27-2015, 12:35 PM
 
16,724 posts, read 13,670,338 times
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Originally Posted by sunflower79 View Post
We recently signed an owner finance agreement with $3,000 down and the title, insurance and taxes are all still in the other ladies name with us paying all. We have only been there around 1-2 months now but have found a lot of problems we weren't aware of but the contract said as is. also the home insurance just sent us a lettter with a list of things needing fixed within one week or else they were dropping the coverage. One thing was the roof needed patched. We got an extra week extension to fix the list but today we got another call from the insurance company saying the extension was denied by the higher ups and the roof needed replaced!! Apparently when the lady called to get the policy, they asked the condition of the roof and she said it was perfectly fine but they have pictures of the roof and are saying she basically lied about the condition and it needs replaced. By tomorrow!! They said they would call her and they think she isn't doing us right about it. We called her about it today and she was supposed to call them and get back with us but we haven't heard back. We've only been there less than 6 weeks and we want to just walk away from this whole deal and cut our losses with the down payment and just give her the house back and take us off the whole agreement since nothing is in our name except for that. What rights do we have in this situation?? Does she owe our money back? And can we just walk away from this? Especially since she is the reason insurance is being dropped. And the agreement states we have to keep the insurance policy that she gets.
This is a great example of why people should never enter into these agreements; you're better off renting if you can't buy a house through a real bank. Depending on the papers you signed, you might be up Schitt's Creek without a paddle. Get a lawyer.
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Old 03-27-2015, 02:32 PM
 
4,542 posts, read 11,544,610 times
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Originally Posted by convextech View Post
This is a great example of why people should never enter into these agreements; you're better off renting if you can't buy a house through a real bank. Depending on the papers you signed, you might be up Schitt's Creek without a paddle. Get a lawyer.
+1 to that. Virtually no one should enter into a 'lease to own' agreement. Either lease or own. The middle is very murky.
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