Posted on: 15th Oct, 2008 02:44 am
I am still working on the terms of the agreement with the buyer. But they are living in the house right now. moved in Aug. 14, I gave them a month grace was wanting first payment on the 15th of Sept.
I also paid for their first year of home insurance and taxes. Also no interest is being charged.
I'm getting my asking price of 160,000 sold as is. Problem is getting the payments. I just got an email letting me know about the pay day is the 15th and payment due on the 15th.
This person has no understanding what kind of a deal is sitting in her lap.
She thinks having a late fee as being penatizled is the mails fault. I told her the mail runs 6 days a week that it's pretty faithful it's the sender who is late in sending the payments.
We are still working out the terms but this is scary. The house is fully paid for. Just it's in the next state over and in a bad area to get people to tend to the property. 1990 mobile home on 1/2 acre nice location.
What a mess I have managed to put myself in. with no contract she by law is still looked at as a renter.
How would I go about getting the payments in a timely manner? This person has no clue really 800.00 a month payment with no interest. This is buying a home. No ideal that they are saving about 2 -300,000 in interest payments alone. how bad of a mess is this?
I also paid for their first year of home insurance and taxes. Also no interest is being charged.
I'm getting my asking price of 160,000 sold as is. Problem is getting the payments. I just got an email letting me know about the pay day is the 15th and payment due on the 15th.
This person has no understanding what kind of a deal is sitting in her lap.
She thinks having a late fee as being penatizled is the mails fault. I told her the mail runs 6 days a week that it's pretty faithful it's the sender who is late in sending the payments.
We are still working out the terms but this is scary. The house is fully paid for. Just it's in the next state over and in a bad area to get people to tend to the property. 1990 mobile home on 1/2 acre nice location.
What a mess I have managed to put myself in. with no contract she by law is still looked at as a renter.
How would I go about getting the payments in a timely manner? This person has no clue really 800.00 a month payment with no interest. This is buying a home. No ideal that they are saving about 2 -300,000 in interest payments alone. how bad of a mess is this?
Hi Lysentia!
I think you have gone for a seller financing so you should have entered into a legal contract with the buyer by the help of an attorney. However, it is not late yet and you can sign a legal contract with the buyer. If still the buyer does not pay, you can take legal steps against him as he is liable to pay you.
Thanks.
I think you have gone for a seller financing so you should have entered into a legal contract with the buyer by the help of an attorney. However, it is not late yet and you can sign a legal contract with the buyer. If still the buyer does not pay, you can take legal steps against him as he is liable to pay you.
Thanks.