How to buy house from my landlord with no money down?
If the landlord cannot payoff the mortgage without selling the house first, is there a way for me to be the owner of the house, finance through the landloard, who then finances through his mortgage company? Is this legal to do and is there a way to protect yourself if it can be setup this way?
Quick House Sale
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June 24th, 2010 at 11:54 am
The landlord would have to pay off the existing loan and carry the papers on the new loan. It isn’t going to happen.
June 24th, 2010 at 12:28 pm
Maybe, but it’s a sucker’s bet.
You would contract with your landlord to sell you the home after you pay rent for a period of time.
Of course, you will fail to perform in some fashion and the landlord will scotch the deal, rip up the contract, and keep your years of money.
June 26th, 2010 at 4:27 pm
Safe, yes with the aid of a good real estate Atty who will know how to draw up the legally binding contracts. 100% safe, no because the house will have to stay in the LL’s name until you refi into your own. You would not get the tax benefits since the original and only legal mortgage is the one the bank holds. Then you have to be afraid they will find out and call the mortgage due and payable. As long as the LL’s mortgage company is involved you really have no legal interest in the property.
June 27th, 2010 at 4:46 pm
See if you could do a Contract For Deed. Consult a Real Estate attorney before you sign any papers.
June 27th, 2010 at 7:28 pm
look up land contract.