Buying or Selling a Home/deed/promissory note

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Expert: Jim Root - 2/11/2009


Question
I had a guy wanting to buy a house of mines in fla. he put down a 5,000.payment and promised to pay a monthly payment for 15 yrs.After 2years wants to give up. I checked local court records and found that the contracts with doc.stamps shows that he is purchasing from me. But somehow when looking at what has been filed on records.states  that he is the guantor and I am the guantee. What steps do I needs to take? I think he know what has happen.He says I must take the house back and he was going to sue for his deposit.

Answer
JO ANN--

STEP ONE: Get a Lawyer! If you had the Contract written by one, he/she needs to help you out here! If no Lawyer was involved in the Contract between you & your Buyer,get one quickly.

STEP TWO: Can't afford a Lawyer? Call the LOCAL LEGAL ASSISTANCE OFFICE or the STATE BAR ASSOCIATION and ask for "PRO BONO" (free)

SEP THREE: Let the Attorney handle this matter. You follow his/her lead and hopefully you'll do OK.

GOOD LUCK!

--JIM

Buying or Selling a Home

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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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