AboutDennis Herman Expertise I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?
Experience Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.
Organizations Greater Milwaukee Realtors Association
Wisconsin Realtors Association
National Association of Realtors
Publications http://activerain.com/bloghome
Education/Credentials State of Wisconsin Licensed Real Estate Sales Agent
Accredited Buyer Agency Training
Relocation Training
Certified Senior Citizen Representative
Wisconsin Real Estate Continuing Education
Question QUESTION: Moved In To A Townhome On A Lease-To-Own Contract That Was A 6 Month Lease Expecting To Buy TownHome After 1 Year. About 9 Months Later We Found Out That The Landlord Had Defaulted On The Loan And Had Filed Chapter 11 Bankruptcy Before We Moved There And Had Been Defaulted Again While We Were Living There. We Were Paying Close To $400.00 Dollars Extra A Month For The Down Payment Of The Property. We Found Out That He Would've Never Been Able To Sell Us The Property For The Mere Fact That He Had Defaulted On The Loan. We Didn't Pay Him For 3 Months And Had Told Him From The Begining To Take From The Extra Money Being That He Would Not Been Able To Sell The Property He Said No . He Said That The Money Was Lost, Took Us To Court And Now There's A Judgement Against. This Is A 32 Unit Complex. Is There Any Laws Or Anything We Can Do About This Like Taking The Landlord To Court?
ANSWER: I am not a licenses attorney and I do not have access to the contracts involved. This makes answering the question impossible.
My first question to you would be, how was the rent to own agreement contracted?
Was the title changed to your name?
What proof do you have the mortgage is not being paid and the seller has defaulted on the loan?
The situation you describe would require a number of number of contracts. The only rent to own, better know as a land contract, i have experienced was with sellers, who own the property free and clear. I am not sure a seller can offer a land contract if they have a mortgage. A seller can not sell what he does not own. If the property has a lien, this lien must be cleared before the title can be transferred. A land contract usually involves a transfer of title. It is advisable to have an attorney draft a land contract.
You may be involved in a lease with an option to purchase. I do not work with leases, this is not part of my business plan. You should have an attorney look at the contract to determine your rights and if the seller has failed to fulfill their part of the agreement.
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QUESTION: The Proof That We Have Was That The Bank Financing Our Landlord Property Had Sent Every Townhomes A Letter Demanding That We Pay Them And That The Landlord Had Defaulted On His Mortgage And Had Not Been Paying!
ANSWER: I am surprised a lender would share this information with you since this may be considered confidential. In Wisconsin there are laws protecting confidential information.
Have you contacted an attorney? If you worked with a real estate agent in the rent to own agreement the agent may be able to refer you to a good real estate attorney. Most attorneys will not change for the first consultation. Ask friends and neighbors facing the same problem if they have an attorney. This may be the best place to begin.
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QUESTION: We Have Tried Contacting An Attorney. Also, It Was 6 Townhomes ( 6 Families ) That Were In The Same Situation As Us And Had The Same Thing Happen To Us. We'll Keep Looking And Hopefully Something Good Will Come Out Of This. Thanks!
Answer You are welcome. If this has happened to others, there is a good possibility one of them have already contacted an attorney. It may be better for all of you to stick together and see what type of motion may be filed. My guess is, the person has no money. You may have seen the last of what you paid into the property.
