:rollside:
Reply With QuoteThis is exactly how I bought a Condo 11 years ago with no up front money. We had an escrow that drew up all the terms, a claim deed filed in my name and it all rolled forward once the agreed amount was paid to the seller (the difference between the bal on his loan and the purchase price. It doesnt matter if the home went up of down in value. All the while I made the loan payments to his bank with my check. In 18 months I refinanced the loan, deed was already in my name...and we were done.
But.........You have to wait for this to play down. I got whining phone calls about every two months from the seller to the point I had to get a bit grumpy with him. I never deviated from the agreement. It went off perfectly in the end though.
It worked out great for me because I was 18 when I bought my first house that way. The seller was a great older gentleman that was very easy to work with. He would come bu once a month and ask If I paid the mortgage and When I told him I had he simply came back the next month. Neat guy. I got hurt at work and he Came by that month to find out if I had made the payment. I told him I was going to be late because of the injury and he said he would pay it for me! He did and came back next month to ask again. I told him I had it covered and also I had enough to pay him back. He declined and said have a good one!
If I was in this guys shoes that is totally what I would do! I was a homeowner at 18 becasue of a great old man. WE still send each other christmas cards every year!! Good luck. sorry my fiance' wasn't able to help you!
