Hi all. Any advice appreciated.
To make it as short as I can, my mother's landlord is selling all of his properties because he does not want to be a landlord anymore, but in my mother's case has offered to sell her the house for $10,000 if she would continue the monthly payments ($550) until the total selling price has been paid in full ($60,000 or so). She basically has zero chance of getting a loan to buy the property normally so her only options are this or moving (which she doesn't want to do).
I'm a little apprehensive because I don't know how this deal would work, or if there is a term for it. I also do not understand the landlord's motivations to sell to her if he doesn't want to continue being a landlord but will continue taking her payments. My biggest concern is something backfiring on her and all the money will be wasted.
My questions are:
Is there a term for this kind of deal?
Would the landlord's new role be simply collecting payments?
Would the landlord still own the house while she is making payments?
What happens if she passes away and still owes?
Is there a way this deal could backfire on her?
Would a realtor be able to help make this deal legitimate and safe for my mother?
Submitted November 02, 2021 at 10:09AM by Hardx https://ift.tt/2ZKKsbQ
