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Posted: 6/17/2009 11:52:13 AM EST
So my friend sold his house to another family and did owner financing.
He doesn't know them, only seen each other around town a couple times.

He closed a few days ago, buyer is supposed to move in after 1 week, because my friend doesn't close on his new house for a couple weeks.

Buyer calls that night, says their power got knocked out in a big storm and wanted to know if their son could stay with him because the heat is too bad.
My friend says "Sure, I have an extra room."
Couple hours later, U-haul shows up, and the family just starts moving all their crap into his house.
He's too nice, and let's them.
So he wakes up this morning, and they have built an above ground pool in his backyard, and are unpacking all their stuff in the house.
He hasn't even finished packing all of his family's stuff yet.
He still has a week to live with these people.
There is too much stuff in the house with 2 families worth of boxes, so they're all going out to eat at night.

Link Posted: 6/17/2009 12:06:06 PM EST
They better be cooking him dinners at least.
Link Posted: 6/17/2009 12:07:15 PM EST
Hah, being too nice will almost always bite you in the ass.

I never understood the owner financing BS. Why go to all that trouble and risk only to save 8% or what have you of the potential cash out. I would want my money lump sum and to be over and done with it. Poor SOB.
Link Posted: 6/17/2009 12:08:01 PM EST

Originally Posted By kraftwerk:
They better be cooking him dinners at least.

Comprehension is fundamental.

so they're all going out to eat at night.



Link Posted: 6/17/2009 12:12:12 PM EST
Is this thread about swingers?
Link Posted: 6/17/2009 12:16:08 PM EST
No way in hell.
Link Posted: 6/17/2009 12:16:51 PM EST
This isn't going to end well.

Posted Via AR15.Com Mobile
Link Posted: 6/17/2009 12:17:02 PM EST
Originally Posted By innocent_bystander:
Is this thread about swingers?


no shit, need pics of the wives
Link Posted: 6/17/2009 12:17:25 PM EST
[Last Edit: 6/17/2009 12:18:45 PM EST by distributor_of_pain]
Originally Posted By texasjohn:
This isn't going to end well.

Posted Via AR15.Com Mobile


THIS
TAG...so tagged!

I'm betting the new owners start telling him what he can and can't do. Treating HIM, like he is the one that THEY are doing a favor by letting HIM stay there.
Link Posted: 6/17/2009 12:18:26 PM EST
No good deed goes unpunished.
Link Posted: 6/17/2009 12:20:17 PM EST
Originally Posted By QwikKotaTx:


Snip>I never understood the owner financing BS. <Snip

In Alaska this was/is the only way to sell Homes that are not up to code along with Remote Cabins and Remote Raw Land.
Hence no Bank Financing available. Not very uncomon up here.

Link Posted: 6/17/2009 12:21:07 PM EST
[Last Edit: 6/17/2009 12:21:51 PM EST by TheCynic]
"Hey Clark, shitter's full!"
Link Posted: 6/17/2009 12:22:55 PM EST
Originally Posted By Ripak:
Originally Posted By QwikKotaTx:


Snip>I never understood the owner financing BS. <Snip

In Alaska this was/is the only way to sell Homes that are not up to code along with Remote Cabins and Remote Raw Land.
Hence no Bank Financing available. Not very uncomon up here.



I'm guessing those are lower total sales prices than your average house in the conti 50? Stop making me jealous thinking about remote land in AK! I need to visit bad.

Is there a privately acquired line of credit or something that you can use for collection if the buyer doesn't pay on time or at all. Just doesn't sound like a smart option for the average seller.
Link Posted: 6/17/2009 12:25:13 PM EST
With owner financing what happens if the buyer stops making payments? Can you reposses the house and own it outright or do you owe them the equity they've paid in......
Link Posted: 6/17/2009 12:26:06 PM EST
Originally Posted By QwikKotaTx:
Originally Posted By Ripak:
Originally Posted By QwikKotaTx:


Snip>I never understood the owner financing BS. <Snip

In Alaska this was/is the only way to sell Homes that are not up to code along with Remote Cabins and Remote Raw Land.
Hence no Bank Financing available. Not very uncomon up here.



I'm guessing those are lower total sales prices than your average house in the conti 50? Stop making me jealous thinking about remote land in AK! I need to visit bad.

Is there a privately acquired line of credit or something that you can use for collection if the buyer doesn't pay on time or at all. Just doesn't sound like a smart option for the average seller.



If I was a smartass, I'd ask if you took geography with Obama.

Link Posted: 6/17/2009 12:30:47 PM EST
I bought my house from a friend of a friend.

He lived in the house with his girlfriend while he was waiting to move into his new house for a few days. Well, until his girlfriend got tired of hearing me and my girlfriend go at it and seeing me walk around naked.
Link Posted: 6/17/2009 12:33:08 PM EST
tag for ensuing hilarity.
Link Posted: 6/17/2009 12:36:18 PM EST
Originally Posted By mi650:
Originally Posted By QwikKotaTx:
Originally Posted By Ripak:
Originally Posted By QwikKotaTx:


Snip>I never understood the owner financing BS. <Snip

In Alaska this was/is the only way to sell Homes that are not up to code along with Remote Cabins and Remote Raw Land.
Hence no Bank Financing available. Not very uncomon up here.



I'm guessing those are lower total sales prices than your average house in the conti 50? Stop making me jealous thinking about remote land in AK! I need to visit bad.

Is there a privately acquired line of credit or something that you can use for collection if the buyer doesn't pay on time or at all. Just doesn't sound like a smart option for the average seller.



If I was a smartass, I'd ask if you took geography with Obama.



Doh. Lower 48! Brain has been removed by current project...
Link Posted: 6/17/2009 12:36:27 PM EST
Sounds like the "power got knocked out" was a BS excuse to convince your friend to get them to move in early. Can't wait to see what BS excuses they come up with when they're late on their mortgage. Another vote for "this won't end well" on the owner financing bit.
Link Posted: 6/17/2009 12:38:22 PM EST
I would have offered one of my generators at best.
Link Posted: 6/17/2009 12:40:58 PM EST
Link Posted: 6/17/2009 12:41:27 PM EST
He is too nice, and is going to get taken big time. He's trying to pack up and move out, while they're moving in? Nightmare scenario. I can't imagine that. Now that they're in, he's stuck.
Link Posted: 6/17/2009 12:42:23 PM EST
Sounds like the plot for a crappy sitcom.
Link Posted: 6/17/2009 12:45:48 PM EST
He will sorry for that, he should learn to speak up.

What is he going to do when they are late with the payment?
Link Posted: 6/17/2009 12:49:46 PM EST
Originally Posted By destaccado:
With owner financing what happens if the buyer stops making payments? Can you reposses the house and own it outright or do you owe them the equity they've paid in......


I really don't know. I'm guessing with a well written Contract and a Lawyer you'd win something back



Link Posted: 6/17/2009 1:14:58 PM EST
Um, has he tried asking them WHAT THE FUCK they think they're doing? Do you have the details about constructive possession written into the contract?

Are these people hillbillies? If the closing is legit and they are attempting to take possession prior to the agreed date, then throw their shit into the front yard along with a calendar with the date of possession circled.

Just a bit of advice for your friend. Once he allows them to take constructive possession, they can pull all kinds of evil shit. If something SHOULD go wrong with the purchase or the contract is fucked-up, he will have to go through a lengthy eviction process, and if they are subsequently, legally removed from the property, they can file liens on the property for any "improvements" they made, moving expenses and other bogus actions that will tie up the property for years and cost your friend thousands of dollars.

In Florida, we had a guy with a real estate/contractor license scam dozens (that we knew of) of people out of their houses and/or money. He would do either a FSBO or Owner-Financed deal with the owner, then come up with a reason to move in before the Closure was final. He would offer to let them live rent-free in another house or apartment he owned for the "inconvenience", but the other properties were also in limbo. Once he took over your house, he would begin making "improvements" the same day. He would delay the closing or otherwise stall the deal (he wrote the contracts because he was a "realtor") until the displaced homeowner demanded the sale go through. Then he would slap a $50-$60 Thousand Dollar construction lien on the property for shitty tile jobs, pools (ring a bell?), painting and other shit, AND he would actually close or go bankrupt on the property the poor homeowner was staying in "rent-free", and they would get evicted.

This asshole actually financed a whole small condo complex (each unit financed separately) and would move in all the soon-to-be scammed homeowners, then quit paying on each individual unit as he screwed the occupant out of their house. The owners of the condos would take back their property and throw out the occupants. Their house was tied-up in court so they were basically homeless.

He would then "offer" to drop all the liens on their house if they settled for WAY less than the original selling price, and he would pay CASH. People were so desperate and confused they'd take the money. It was estimated that he scammed homeowners out of at least 2 Million before he fled the State. I don't know if they ever did catch him.

The advice here is DON'T let the camel get his nose under the tent, because once he does, he ain't going anywhere. Tell your friend to get them the fuck out of the house until they can legally take constructive possession.

Link Posted: 6/17/2009 1:17:36 PM EST
Your friend is letting himself be played.
Link Posted: 6/17/2009 1:18:56 PM EST
Originally Posted By SIRIUS1:
Your friend is letting himself be played.


Link Posted: 6/17/2009 1:20:56 PM EST
I'm often too nice, very passive and get walked all over, all the time. But that would reach the ends of what I am willing to deal with.
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