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Foreclosure Notice |
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My daughter owns a second rental home. She doesn't want to be a landlord anymore but has had no luck selling it. Her last tenant left in April 2008 and she hasn't been able to pay the mortgage since then. She received a forclosure notice about a month ago. Now she has found a person who is very much interested in a "rent to own" arrangement. Should she pursue this even though a forclosure is in the process? Does a lawyer have to draw up an agreement or can a generic one be obtained for much less money? Any other advice would be greatly appreciated. Thanks. |
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Your daughter need to talk with a real estate lawyer immediately. If the foreclosure is already in progress, it may be too late to stop it--or it may not. As for the rent-to-own offer, that requires a careful analysis of the would-be buyer's financial capabilities, and by all means a contract tailored to the needs of each party. No "generic" form would do. |
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Edith
Originally published on October 29, 2008 |
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