Profile picture for user2377736

When can I start advertising a house I financed (failed Land Contract, buyers can't get finanacing)

I started renting to this family 5+ years ago.  They expressed desire to purchase but needed more time to clean up their credit.  I agreed to do a 2-year Land Contract.  It expired without them securing financing (I found out they never even applied for a mortgage!)  I agreed to a 60-day extension, which ended the same.  I then offered an additional 90-day extension, AND they signed a conditional quit-claim-deed turning over all interest in property back to me.  They refused to sign a conditional rental lease.   5 weeks has passed and I just discovered they still haven't met with a mortgage broker to start the mortgage process.  This extension ends in 7 weeks.  I'd like to take pictures of the interior and exterior so I can start to advertise via Buyers' Brokers.   As the financer, don't I have the right to take these pictures?  And since securing financing isn't an overnight process, at what point can I start to advertise/show the property?  I live in Indiana.
  • March 07 2012 - Hagerstown
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Answers (3)

Profile picture for wetdawgs
Thanks so much for stopping by with an update.   What a headache, but I'm so glad you've made significant progress in the last couple of weeks.
  • March 17 2012
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Profile picture for user2377736
Update!  Bank they say they are using AGAIN has no records of their mtg application, in any of their branches!  Bank also informed us they won't do refi on a land contract because deed for refi must already be in buyer's name (land contracts keep deed in the original seller's name until they secure financing from a BANK).  SO, we are treating the property as a listing that is "pending financing".   Already have some interested parties... and we DO have a signed QCD and attorney advised us to send out 30-day eviction notice if we have no evidence of mortgage 30-days prior to expiration date.  Sellers beware:  Business is business;  don't let a sad story from a coworker cloud your judgement.  We've learned that deadbeats are deadbeats.  Unless you are a charity or have unlimited wealth... watch your back and be prepared with a signed QCD and lots of documented communication with your buyers so if you need to evict them, it won't a turn into a migraine (maybe just a slight headache).
  • March 17 2012
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Profile picture for wetdawgs
It sounds to me like you've been taken advantage of.    I'd review the contract and situation with my attorney, and get some guidance on your ability to access the home for photos.   With the way they've been playing with you, I'd be very worried.   You probably should also talk to your attorney about going through an eviction the legal way.

  • March 07 2012
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