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Question
Sold 2 bedroom house completely renovated including new appliances, to a single lady who owns her own painting company, mid July 2008 (State of Indiana). The monthly payments are $700.00. She now "STATES" that she can no longer stay in the house & wants out of the contract and does not want to pay the fall property taxes (est $400.00) as stated in signed contract agreement. She is asking for half of her downpayment to be returned plus be reimbursed for replacing some items like mirrors, etc. What can be done to have her pay for the balance of the contract should she just leave? Would like to avoid going to court if necessary.
FRAN--
There's probably NO WAY you can avoid going to Court on this matter!
A lot depends on the verbiage in your Contract (for Deed?) with this Homebuyer! Homebuyers under contract who just "walk away" typically DON'T get any of the Downpayment refunded! Does YOUR contract with the "Single Lady" address refund of the Downpayment?
If she "walks away" without paying the property taxes due for the period she "owned" the Home, you'll likely need to file suit against her to obtain a judgement forcing her to pay that $400 (mol). In the meantime, as the "legal owner" of the property, YOU will likely be held liable for the payment of taxes.
"Have her pay the balance of the contract(?}" Bringing a suit for SPECIFIC PERFORMANCE against her COULD result in a COURT ORDER/JUDGEMENT that requires her to fulfill her commitment to the Contract--but may be hard to enforce if she's BROKE! AND THERE'LL BE ATTORNEY FEES FOR YOU!
If you had the Contract prepared by an Attorney, you should consult him/her on this matter ASAP.
IF YOU DIDN'T HAVE YOUR CONTRACT PROFESSIONALLY PREPARED YOU SHOULD HAVE--find a Lawyer who specializes in Real Estate matters and get some solid legal advice & guidance on this issue BEFORE she runs off!
GOOD LUCK!
--JIM
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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