Shoul I Put Seller/tenant On Title?
I am saving a home from foreclosure. The seller will still live in the home with a lease with option to purchase. He is leary that I might take his home. Therefore, he wants to be put on the title. If I do, what recourse or problems will I encounter to remove him from title if he defaults and I have to sell the property? I would appreciate all quick replies as the closing is set for next week.
Christine,
You need to walk away from the deal. Regardless of whether or not his name is on title, he can and probably will sue you for usury, and win. This means you can lose every dime you put into the transaction. NEVER do this. If he wants to be out of foreclosure, he must move. I live in you area. You are welcome to contact me via email as well.
Bruce..
I would agree with Bnorton. Think of it this way, if he can't make the payments now and won't pay the bank, why do you think he is going to pay you? I have only done a few L/O's but everything I read says renting back to the seller especially in a foreclosure situation is a HUGE no no. That being said, I am not trying to rain on your parade, just passing on the advice I have read from quite a few other investors who are far more knowledgeable about this
Good luck
Joe