About Heather Expertise I can offer information about pre-foreclosures, foreclosures, short sales and high rise projects in the Las Vegas area. I can also assist with financing questions, especially involving investors.
Experience I have been in the real estate industry since 1990, and 4 years in Las Vegas. I am also a licensed loan agent in Nevada.
Education/Credentials BA in Liberal Studies from CSU Northridge
Licensed Realtor
Question Hi. My partner and I are buying a home on land contract. We just found the person we are buying from has not been making payments and the home has gone into foreclosure. Am I obligated to stay in the home or can I walk away?
Answer Hi Dave - My first reaction is you need to speak to a real estate attorney in your state. I'm a Realtor, not an attorney, so I can't advise you whether to stay or walk away. I will tell you you right to walk away or not should be spelled out in the contract.
Did you use a title company and purchase title insurance? If you had, you may have discovered that the seller was behind on the mortgage.
You need to know whether the seller was behind when you signed the contract. If so, you may have some legal options voiding the contract. If not, you may have different legal options.
Land contracts can be a great way to buy a property, but all the t's need to be crossed and the i's dotted before doing so. By that I mean, does the contract address the problem is the seller falls behind in the mortgage he's wrapping or if his lender finds out and calls the note due and payable?
You need to take your contract to an attorney right away. The time frame on foreclosures varies from state to state. Here in Nevada, its 120 days from the date the notice of default is filed. In Texas, is 21 days. I'd make the call today.
