Building and balloon payment due
Hi,
A few years ago I purchased a 7 unit building with seller carrying the mortgage with 2% interest for 3 years that ends with a balloon The price was $310,000 and I put down $30,000. I made a mistake of not getting an inspection and took the sellers word on the condition and age of things. Immediately after I took over, tenants complained that there has been roof leaks that the owner attempted to fix himself, without good results. I paid for many repairs but water kept getting in. I eventually ended up replacing the whole roof.
At the end of last year, I talked to him about extending our agreement because I spent a lot more money than expected and had credit things to get in order. We verbally agreed on 18 months if I pay an extra $5,000 towards balance when original agreement expires. I sent him a written agreement, which I got my notarized signature and emailed over to him. It's been months and he hasn't gotten it back to me signed. I emailed him about this and he says he agrees to it but we have a few months before we need to sign. I didn't want to wait until last minute and don't feel good about this.
My question is, what are my options to get out of this situation the best I can? I know I can go refinance but do have the credit challenge. an I request the contract be voided for not disclosing the roof situation? What would you do?
Thank you