Seller wants verbiage in the purchase contract to buy back hous

[Gustavo Panosso]

I'm not sure how to handle this situation... The seller (let's call her mom) is in foreclosure on her Florida home. Foreclosure sale is happening soon. We came to an agreement on price, but we are working out other terms. The seller's adult son (who lives in the house with mom) wants verbiage in my purchase contract allowing him to purchase the home from us. Mom wants to stay in the house. They don't have enough money to reinstate the mortgage. Her son wants us to buy the house to stop the foreclosure while he applies for bank financing to buy back the house from us. Feels sketchy to me, but I don't have anything to back up those feelings. Are you aware of any foreclosure laws or mortgage loan laws that would prevent this from happening?

[Theresa Harris]

@Gustavo Panosso  Sounds weird.  If adult son feels he could have got financing, why didn't he do it before or pay the mortgage himself?  Talk to your banker and see what they say.  Unless he was willing to buy it outright from you with some sort of incentive so that you make money on the deal, I wouldn't include that clause.