Profile picture for BrendaHansen

Question for inlaws.

I am asking this for my in laws. we just found out about this.In 2005 they sold their home in Vacaville ca. for 960,000.00,no realtor involved. The deal was that the woman pay 550,000.00 up front, which she did, and payments of 1,500.00 for 5yrs and at the end of 5yrs a final payment of 410,000.00. She paid for 3 years and stopped. That was the last communication they had with her. I am in shock over this. She still lives in the house. I know this is not very detailed, but is there anything we can do? This is awful. They are in their 70's live off social security.Thank you in advance. 
  • April 26 2013 - Vacaville
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Answers (7)

I'm sorry to hear this happened to you. Unfortunately this is not that uncommon for FSBO sales,  and your situation is actually better then most. You have no recourse other then to hire a good attorney at this point. I hope your inlaws used a lawyer for this sale and have their financial agreement in writing.
  • April 30 2013
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Hi Brenda,

Your inlaws will no doubt have to go through the legal process of forclosure. It would be best to contact a qualified local real estate attorney to handle this. I live and work in Vacaville and can refer you to one. Staying with Zillow rules I will not post the attorney's contact information here. Just email me back and I'll provide you his contact information. He's an expert at this.

Best regards,

Terry
  • April 26 2013
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Profile picture for Ofe Polack
It sounds as if the property was owner financed.  There should be a contract for the amount of money financed by your in-laws.  Most likely the attorney who wrote the contract will be the best person to contact.
  • April 26 2013
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Profile picture for wetdawgs
Your best bet would be to contact an attorney.
  • April 26 2013
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Profile picture for BrendaHansen
Thank you so much for both of your quick response. This whole problem is way over my husband (their son) and my head lol. We have all the documents. They were done by California association of realtors. And Some by other places. So I wonder if our best bet would be to contact a real estate professional.Thank you again.Brenda
  • April 26 2013
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Brenda I would be glad to refer you to a Real Estate Agent that lives in Vacaville and who is a local expert in the area who could partner with you and your family.

While I am not an attorney, and I would advise your family to seek legal counsel. A real estate professional in the area will serve as a great advocate, and save you and your family money in legal fees. Meanwhile maybe this will help.

If the buyer fails to complete the terms of the agreement, there may be forfeiture of the payments made. However, the buyer and seller may include terms in a contract for lease agreement for handling late payments to avoid forfeiture of the buyer's equity. The local real estate recorder's office should be contacted for information and policies for filing purchase contracts for rent to own homes.

When the buyer's payment is past due on a land installment sales contract, the seller has the right to enforce the lease agreement. It will be a matter of determination for the court based on the facts in each purchase agreement. The court may either:

Strictly uphold the terms of the agreement, making the buyer vacate the property, allowing forfeiture of the buyer/tenant's equity in the property.

Declare the buyer in default, but give the buyer a deadline to cure the default and pay off the balance owed or vacate.
  • April 26 2013
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Profile picture for Lawrie Lawrence
If it was me I would get in touch with the Attorney that worked with your in-laws in 2005.  If they didn't use an attorney contact one asap to go over the paperwork all parties signed (helpfully they signed legal docs).

Best of luck
  • April 26 2013
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