If they foreclosed what would happen to my arrangement with them? If time passes and I pay them the amount I owe the owner could the bank com after me for the balance owed? Would thier be a lien on the title until they finished paying their part? I need some good advice please!
You answered most of your own questions. The bank will definitely have a lien on the home. Sounds like an arrangement that you would want to steer clear. You might want to talk to a real estate agent. This transaction may not even be legal in the state you live in.
i see homes like that all the time. Very few buyers ever come up with the money to pay it off in the 2-5 years as the contract requires. That is why as a investor you get a substantial option fee for your part upfront
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