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Updated about 8 years ago on . Most recent reply
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Landcontract gone bad
So my friend purchased a house for 40,000 lived in it for 6 months then decided to sell it to a house flipper for 46000 rent to own
It first started with the flipper only giving her 7000 for a down payment instead of the agreed 20000 now he hasn't paid her in 3 months he did flip the house and is trying to sell it for 150000 but he blocked her number now she is left with a house no cash flow or anything and was hit by the IRS for taxes the title company said she may have to take him to court and get the house back so any advice would be very appreciated thank you BP community!!!
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JD Martin
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Friendly advice: punctuation is helpful. This was a very difficult post to read.
Not really sure what to offer here. If she transferred title to his name without being a listed first position lienholder, she is probably SOL without going through the courts and proving ownership and fraud. If she is listed as a lienholder, and he hasn't made payments as agreed, she simply forecloses like any bank would.
Why did she accept $7k if she wanted $20k? It's immaterial, since she did it, but it sounds like real estate shouldn't be her gig.
- JD Martin
- Podcast Guest on Show #243
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