I recently aquired a home the home owner signed over the deed to me. I paid the back payments current well enough to stop the sale date. The homeowner is in pre-foreclosure they don’t know I haven’t brought the house yet ok I already re-hab it and have it on the market. What is the back draw if the home owner finds out I haven’t actually paid for the home yet? Please help me out! The homeowner wants to start RE-building his credit so he’s getting a credit report and it will show the home isn’t sold yet. This all happen back in March as far as me taking over the home. What shall I do…I’m nervous…lol ???
Did you tell the seller how long it would be before you sold the home? Tell me you didn’t promise him or them a time frame. I always tell the seller that their mortgage will be paid off WHEN I SELL THE HOME and I never AGREE to a time frame say 3 months or 6 months. I tell them I will sell it as soon as I can. Hope this helped.
Jared Christiansen
The homeowner don’t know I haven’t brought or sold home yet. I did record the deed. They signed over a quit claim also. I need to know the best exit on this. What can they do to me if they find out? I have a buyer lined up but it will take about 2 weeks to close.
What must I do? :-\
“Honesty is the best policy”. What kind of reputation are you trying to build? Maybe if you sat down with them and explained what happened and what you are trying to do it would be a good thing short term and long term. The one thing I always make sure of is that I am honest and I never promise anything I cannot do. Good luck with this.
Jared