All Forum Posts by: Jarrod Willis

Yea! You can do a contract for deed as a legit workaround. CfD is a legal contract between you and a buyer (aka your tenant) that states for $x down (secuirty deposit) and $x a month (monthly rent) for x months, they can live in the home. Of course, dicuss each scenario with an attorney. Example: I have a home currently worth $300,000. Cant rent due to HOA caps, but I sign a contract for deed to Charlene where she pays me $2,000 security deposit (down payment) and $2,000 a month for 12 months. The 'sales price' is $600,000 (any outrageous number), but the balance on the sales price (600k - 12*2000) is due as a balloon payment on month 13. If this doesn't occur, contract for deed is void and you move on to next tenant.

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 Yea I understand that. We’ve checked for bankruptcy filings - none. With the attorney not doing proper notice, the firm handles many many foreclosures and I would be surprised if this was the case. 

Hi,

We have bought many foreclosure auctions over the years but never had a property rescinded. We purchased one at the beginning at March (almost 3 weeks ago), had been told by the foreclosing attorneys office that they were awaiting on the DUP on 3/14, and then notified via email from their office that their client had rescinded the sale on 3/18. We asked why and were told that "our client has exercised their right to rescind, Georgia law does not require them to provide a specific reason as we are within the statutory time frame."
Any inisght or thoughts? From what I can find, GA law does give the lender a right to rescind for statutory causes, but I'm not sure what causes they are basing their rescision on.