Today I got a call from a lady who was crying uncontrollably. So much so that I was having a hard time understanding her. But, when I finally got her to calm down enough that I could understand her, she wanted to know what she could do. She had gone with another agent, despite reading my posts and now had a 24 hour notice on her door.
I didn't want to get too involved for legal reasons, but I did give her the number of two good real estate attorneys here locally. The problem was she bought a home on owner financing and choice to do so without the use of and escrow account or any memorandums on the title, and now she was given a 24 hour notice by the mortgage company who just foreclosed on the house, and she didn't know it.
What had happened is she bought this home on a contract and the contract was never recorded. Then she didn't put any of the down payment in escrow or use an escrow company to pay her payments. (I use an escrow company to make sure the payments are distributed to the original mortgage and taxes prior to the seller getting the funds).
She had paid $20,000 down and been paying for 8 months and now was going to be out on the street and no home or money to show for it. You see, the owner after two months, I'm guessing got in to financial trouble and decided to take her payments and put them on their home and skip a payment or two on her property and then get caught up in a couple months, but the catch up never happened.
So, if you are in the market for a lease option or a home with owner financing, I suggest you seek legal advice and work with an agent that specializes in creative financing or you could be in the same situation as this lady. I felt sorry for her. I am hoping she has some legal recourse against the seller, but getting blood from a turnip isn't going to be easy.
Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)622-8739



I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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Wow, this is certainly a scary story! Sad that she didn't have any one representing her and looking out for her best interests.