I recently tried to purchase a delinquent land contract note from owner/note holder. Things got touchy with owner and he backed out. I'm thinking of approaching the delinquent buyer of the land contract and offering to pay off land contract balance and a fee to them for the deed. I was originally buying note for $25,000. Since that fell through, I would offer delinquent buyer to pay land contract balance of $40,000 and fee to them of $5,000 for starters for the deed. Paying $45,000 still makes sense because property is worth about $150,000.
I'm not being shady for going to delinquent buyer after negotiating and getting contract details from owner/note holder and then falling out am I?
I recently tried to purchase a delinquent land contract note from owner/note holder. Things got touchy with owner and he backed out. I'm thinking of approaching the delinquent buyer of the land contract and offering to pay off land contract balance and a fee to them for the deed. I was originally buying note for $25,000. Since that fell through, I would offer delinquent buyer to pay land contract balance of $40,000 and fee to them of $5,000 for starters for the deed. Paying $45,000 still makes sense because property is worth about $150,000.
I'm not being shady for going to delinquent buyer after negotiating and getting contract details from owner/note holder and then falling out am I?
It’s a business contract and the owner is getting what he bargained for — unless there was some other relationship between the seller and buyer that lead to a below market price. So , no, nothing wrong.