I entered into a lease purchase option in June. The property is still under construction & available Nov. 1. The seller is having trouble with the terms of his mortgage & wants me to get a mortgage now. I can’t due to credit issues. At first he offered a refund of my sizeable deposit, but now he says that the terms of his mortgage might not change, but Nov. is fast approaching and he won’t know for 2 weeks if he can close on the property. He also stated that my monthly payments might have to be higher than on the contract. I cannot pay more. I need my deposit to look for another place. The original agreement is in writing & states the lease/purchase commences on November 1. Do I have any legal recourse to get a refund of my deposit (the contract states it is non-refundable), since the seller does not currently own the property, there are no other witnesses on the contract and I don’t think his lender knows of his intention to lease option the property?
In the tanking Florida market there’s no way we can sell our place. But we just want to buy a house and not carry two places, we don’t need the cash for a downpayment. We have that.
I’m hoping to attract buyers with offering only 5% down, fixed 25 year loan. How can I set this up so that we don’t get taken and it’s legal, and most importantly I have legal recourse if they don’t pay?
Anyone done this before?