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Updated over 6 years ago on . Most recent reply

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21
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Matt Rathburn
  • Rental Property Investor
  • Florida Panhandle
2
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21
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Owner Finance Deal Went Bad - Can Orig Owner Deed me Property?

Matt Rathburn
  • Rental Property Investor
  • Florida Panhandle
Posted

Hi everyone, I have a quick question I hope someone can help. I found a distressed property owner, Regina, who a few years ago entered into an agreement with a guy, we'll call him Mike. Regina agreed to sell the property to Mike as long as he paid her monthly and paid the taxes. (It's a small 3 mobile home lot) About 2 years ago Mike stopped paying his monthly payments to Regina as well as the taxes. He also abandoned the property so it's vacant now. Anyway, the taxes are now 3 years behind and if they aren't paid Friday, Regina loses it all. She only has to pay about $600 to bring it current, but she may not be able to come up with the money. She wants to bring the guy to court so since he broke their contract and stopped paying, but not only can she not afford court costs, she lost the original contract (lol I know this is painful to read!). Here is my question...Can Regina deed the property to me and if so, can I as the new owner pay the $600 taxes and take over the property? Or is it impossible because she entered into a contract to sell to him? 

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Theresa Harris
#2 General Landlording & Rental Properties Contributor
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Theresa Harris
#2 General Landlording & Rental Properties Contributor
Replied

Did she get a lawyer to draw up the original paperwork or witness it?  If so, they may have a copy.

  • Theresa Harris
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