Turning A Contract For Deed Into A Mortgage
Hello fellow investors,
I am in the process of turning a cfd into a first mortgage and we have been in the house for 7 years now we were turning into a 1st about 2 years ago BUT! then there was a storm and we lost a good portion of the roof we used our ins. co. to pay for it but then found a whole house full of undisclosed damages. We decided to stay in the property and fix it instead of loosing all our equity from the past 5 years. The owner and I agreed that I would pay for the rest of the fix-up in lieu of house payments, we went over on the $ spent but it didn't seem to bother the holder of the deed he was basically out of the loop. He did however get a lawyer and sued the previous seller and it took 2 years to get to court and when we got there the judge threw it out because nobody had done a professional inspection, blady blah! Now, we bought the house for $53,500 on a contract back in 97 with 3500.00 down, and since have rebuilt the house from the foundation on up with new everything: wiring/electrical, plumbing, walls, cabinets, windows, etc... We are ready to buy it now and want toknow if there is a way to get the seller to come down on the price without taking him to court and going through the whole process again. He has even sent me phone calls stating that he wants us to pay the attorney fees he has incurred 
The house is worth about $120,000.00 now and he says that all the equity in the house should be sufficient for us but we will be borrowing 70% to pay the remodel cost and for the $49,000 we still owe him, we never got acknowledgement of the labor incurred from this just the materials towards the mortgage payment for the last 2 years we feel we should get some off the final cost for the labor involved since we had to live here and indure all the nightmare. Anybody wishiong to work on this with me for a bit (just shake it up a little) let me know. There is gonna be about $40,000.00 left in equity when we refinance this place and want to do some real estate investing with it . Since my family is really good at putting houses back together now we think that real estate is where we want to spend our time and effort. Oh by the way, I make my living pumping holding tanks/and septic systems.... 
Thanks for everything.... bigging
Hate to be rude but it sounds like you should have done your homework BEFORE you bought the house! I hate to see folks try to blame someone else and make them responsible for their OWN inactions.