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Updated about 7 years ago,
Seller Financing of Home that is in a living trust? What to do?
Hi, newbie investor here. I found an owner who is in her 80's who is considering selling her home and is willing to do owner financing after I explained to her some of the benefits. The She would like to continue to stay in the home until she passes away and I would make monthly payments.
What would happen to the home if she agreed to sell via owner financing at say $300,000 and I've already put a 10% down ($30,000) and make monthly payments.
I know my future payments would go to her heirs in the trust but would my "contract/agreement" for owner financing still be valid?
Could the heirs (her children) repossess the property despite the fact I am making monthly payments to them since the original owner is technically no longer alive?
Any thoughts would be greatly appreciate. Just want to know what would be the worse case scenario in this situation, how I could protect myself, etc if I were to somehow miraculously able to make this deal happen.