okay ladys yes i have alot going on i have a very full plate.okay i would like to see how yall feel about this because im very upset:( we bought are house four months ago owner finance deal well the house needs some work witch is fine we knew this and was okay with it we can fix it:) well the lady we are buying the house from is bein a really harda$$ to me i think we get the paper in for the taxes on the house well they are 1700.00 so i called her to let her know we would pay it out of are income tax check in feb she says no you will pay them in jan, okay im willing to pay the fees for them going past jan. so my kids will have a little christmas thanks to her:( because we will have to pay them in jan 1. im buying the house on these terms 650.00 month for 18years it was built in 1905 its a ginger bread home pretty nice but does need work at this point we dont even have heat and we been using window units to cool with we have to totaly rebuild the fireplace out side it has stone that has broke so we was going to close it in with some type of sideing well she had a fit over that the stone keeps breaking, im ready to walk away i mean aint that why u buy so you can fix it the way u like? man i feel like im renting again:( how do yall feel about all that 650.00 a month have no heat needs work uggggg im venting sorry
If you bought the house, then you're responsible for it. She has no say. She isn't a landlord. She's essentially the bank. That's it. If she's upset about how the house looks, then she can deal with it. As for the taxes, pay them whenever the contract says you need to pay them. If you don't have a quality legal contract that spells out all that stuff, get one. You don't want to be screwed. Good luck!
I agree with Cheryl..owner financing is pretty much renting to own. It's a rare thing usually, because most people can't or won't finance a buyer, but in a hurting housing market, owner financing looks to some like a better option. If it were me? I'd be looking at my contract and trying to find a way out. If not, you'll probably just have to eat the costs/due dates, since the owner is technically your "bank" and not your landlord. Sorry to hear things are getting messy.
I'm not entirely sure how owner-financing works. Did you actually sign a contract? If so, you need to check the contract to see what you're legally obligated to her for. If it's not in the contract that you can't change the stone or that you have to keep it a certain way (check homeowner's regulations, too) then she needs to keep her nose out of it.
I understand paying the property taxes in January - otherwise it's probably still on her (if the house is still in her name, which I assume it is). That's not her, that's the Government.
If you didn't sign any long-term contracts, I might try to get back out of the deal. Sounds bad to me. At least when you're renting you're protected - the landlord has to provide a home that is livable - including heat (but not necessarily cooling).
I'm sorry - this stinks...but you are renting...renting to own.
even knowing about the work, you should have had a home inspection done to find out how bad things were. Read the contract and see if you can opt out of the purchase and find a new place.
While $650 a month is a great price...sometimes there are things that are too good to be true...
see what you can do to get out of the lease/rental and find a place that works better for you and your family.
GOOD LUCK!!
Is the sale totally final? I am a walk away type person, especially with all the work you have to do and little funds to do it with and the lady being off. The house doesn't sound like it's in livable condition, I don't even know if it's legal for her to occupy a house like that.
There IS a difference between Lease with Option to Buy and Owner Financing:
Lease-to-Own, or Lease with the Option to Buy can work a variety of ways, but basically you lease the property from the owner. You typically pay a higher rate of rent than you normally would for the same house because a portion of your payment is going towards a down payment on the house. You are also normally asked to pay a larger deposit. Often with Lease-to-Own it's non-refundable. In addition to the lease, you also sign an "Option" contract. It basically states that you have the option to purchase that house for a set, pre-determined price, within a set number of months or years. If you don't exercise your option, then at the end all of the money normally ends up with the landlord/owner.
Owner Financing is where you purchase the house, but instead of obtaining a loan from an outside source, the owner of the home "carries" the note for you. Typically you'll pay a much higher rate of interest, and typically the purchase price of the house will be higher than if you were to just buy it outright. Most owners require a sizeable down payment. If at any time you default on the payments they can foreclose on you and regain ownership of the house. Then they'll start the process all over again.
So, I'm wondering why you are paying the tax bill if it's owner financing and why she would have a say over your improvements at all?
If you are truly buying with the lady carrying the note she should go file the papers at the court house with a lien against the note. They the house is yours and she is basically your banker. If you don't pay her she can kick you out and take the house back, just like a repo through the bank. This is what we had when we did owner financing several years ago. It is a good thing for the owner because they get the house back and you get nothing for the months/years of house payments unless you put the house on the market and then pay the house off entirely, still a good deal for the owner person. If she is like this and not doing this the right way then you are in fact renters that are slowly buying a house that is your responsibility to repair and do all upkeep on, no expense to her.
Make an appointment with a Realtor or an attorney who does real estate to ask how to do this the right way.
