Posted on: 29th Feb, 2008 02:57 pm
Hey there, my girl's very wealthy dad agreed to give her money (cash) for a foreclosure as investment property. She made the offer thru our realtor and the bank took our offer contingent on inspection. Inspection went fine (cosmetic updates only) so our contract still stands. we are closing in march, booked our flights and he deceides he's only giving her the money if his name is on the title which was not what was initially agreed on.
he has us by the... and i have excellent credit but not enough time to get a loan by our closing date..the only good thing is that he and her will have their names on the title. he wont be at the closing in tn.....help!!!
what can we do?
he has us by the... and i have excellent credit but not enough time to get a loan by our closing date..the only good thing is that he and her will have their names on the title. he wont be at the closing in tn.....help!!!
what can we do?
Hi,
I cannot get your query. Is it that your girl friend's wealthy father has given money to protect you from foreclosure and then asked you to add him in the title?
If it is the case then if you add him in the title then he will be a co-owner and you can at least save your property from foreclosure.
Best of luck,
Larry
I cannot get your query. Is it that your girl friend's wealthy father has given money to protect you from foreclosure and then asked you to add him in the title?
If it is the case then if you add him in the title then he will be a co-owner and you can at least save your property from foreclosure.
Best of luck,
Larry
The house my girl wants to buy is a foreclosure and we want to fix it up for an investment. The problem is we entered a purchase contract with the bank selling the foreclosure as a cash contract bc her dad is giving her the money to buy the house outright and she was to put it in her name and pay her dad back later once we fixed it up. Now...he wants his name on the title and his wife is pushing that, we're concerned that if something happens to him my girl will have to deal with stepmom on this property. to my knowledge, we have no choice but to allow him to put his name on this property bc we are locked into this agreement to purchase the foreclosure....how can we protect ourselves?
the purchase agreement only has my girl's name on it, her dad is giving her the money and now he wants his name on the title..bad news for us...
what are ur thoughts?
the purchase agreement only has my girl's name on it, her dad is giving her the money and now he wants his name on the title..bad news for us...
what are ur thoughts?
Since you are into the purchase agreement, if you violate it, you might have to pay a penalty. So, one way is to pay the penalty and back out of the contract, cancel your flights, wait for some more time till you can buy another property and close on a loan.
The father made a promise which you relied upon to your detriment. Therefore, your girl has a binding contract with the father. His new demand to have his name on the title is not part of the original contract, so you do not have to accept this term. If he refuses to give you the promised money, he is in breach of contract. You could sue for specific performance, the money, or any losses you have based on the purchase contract.
In the alternative, if all you are worried about is the step mom, put the title as joint tenants. That way your girl will get the property automatically at the father's death.
In the alternative, if all you are worried about is the step mom, put the title as joint tenants. That way your girl will get the property automatically at the father's death.
