HELP!

11 Replies

My wife and I had been looking to do a lease with option to buy for some time in Florida.  We hooked up with a guy that does business through webuyyourhouse.com.  we met with him the owners of he home  we decided on.  The owners were in some part of the foreclosure process.  

Well five months later they are wanting their house back.  We've actually made the house liveable as it was just plain nasty and we've put about fifteen grand into the house.   They state they have the deed to the house in their name, which course they do if deal was structured that way.  Do have legs stand on should we be worried

sorry, did this on my phone and it looks jacked up

Have you run a title search on the property to see how it all shows up from w/in the official land records?

@Kelly Vassey Wait so you closed on the property already, and have been living there for 5 months?  Who signed the warranty deed? As previously stated did you do a title search and get title insurance?

@Kelly Vassey   Yes, be worried!  And go see a real estate attorney with all your lease option paperwork ASAP!!

@Bill Gulley

Bill please help these people out, get them to an attorney

BP Folks don't ever improve or property without being on the Deed.

Contract for deed or lease option is not the deed

The only way you're going to get damages in a court room

You can make some noise for fraud at the FBI and the Better Business Bureau

Get on the phone now

Originally posted by @Kelly Vassey :

My wife and I had been looking to do a lease with option to buy for some time in Florida.  We hooked up with a guy that does business through webuyyourhouse.com.  we met with him the owners of he home  we decided on.  The owners were in some part of the foreclosure process.  

Well five months later they are wanting their house back.  We've actually made the house liveable as it was just plain nasty and we've put about fifteen grand into the house.   They state they have the deed to the house in their name, which course they do if deal was structured that way.  Do have legs stand on should we be worried

Get an attorney, sue the hell out of that "investor" dealing in a foreclosure matter.  Go to court. Hope your costs are handed to that investor through a court ordered judgment. Ask the attorney about tortuous conduct. Nail the guy to the wall! IMO He could go to jail. :) 

@Kelly Vassey

Who is the other party on the lease/option, the titled owners who want their house back or the webuyyourhouse guy?  

Who's paying the mortgage?

It's actually the original owners of the home that are freaking out wanting the house back.  Basically I think they have seen the improvements we've made and they are just straight up loons and want the house back. We've put around $15k into this house since we moved in because this place was gross.   they were 8 months behind on their mortgage, however no foreclosure case was opened.  The investors are possibly going to do recension paperwork so the control goes back to them, but they would still have to honor our lease and option to purchase agreement to my knowledge. 

@Kelly Vassey in this case I recommend hiring a real estate attorney who is knowledgeable in litigating cases involving fraud. 

In Florida lease options must comply with the Florida Foreclosure Rescue Fraud Act. Few investors practising in creative finance are even aware of that law. Since you state that the homeowners were in some stage of the repossession process a knowledgeable attorney may have ammunition, in addition to your lease option agreements, to seek remedy in court. 

Have to tried contacting the investor and settling for your damages?

Yeah, what could Possibly go wrong with a sandwich lease option.  Another warning on improving houses you're not on title on.  With any kind of leasse option you are at the mercy of the seller simply refusing to sign the sale transfer when that time comes.   But, we don't Exactly what contracts are in place, but you'll either have to settle with the owners, or sue them and the middle man, likely the latter.  Get to a RE attorney now.  This is in Florida, so you can go to the county clerk of court online, official records, and search the names of the owner and the middle man to at least see what has been recorded.  You should record your leasse option also.

If you can't find it in the clerk records, and want me to take a look, PM the address and middle man name to me and I'll take a quick look.  First thing you need to verify is that the property is not actually in foreclosure.

try Harry Heist.
He is super knowledgeable. I have attended some classes he taught. I like him a lot and he seems aligned with investors (he is an investor himself).
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