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Updated over 16 years ago on .

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Short sale involving a land sale contract

Preston Hamilton
Posted

This is a new one for me. Couple is losing a house due to a default on a land sale contract. It was a bailout situation, though they actually kept the contract up for two years before the guy lost his job and they missed payments.

Anyhow, the investor holding it is being a pain in the neck and I need a little leverage. In reading the land sale contract, it was signed before the investor owned the property. Though it was recorded at a later time.

Any possible angles in this one? I'm in Oregon if it matters. I have seen this idea used in other states, in affect, the seller did not have the legal right to extend financing at the time the note was agreed upon, at least thats how it played out in a deal I saw go through in Arizona.