What is the name of your state (only U.S. law)? Arizona
Hi there, I'm in the UK and selling a house on a 55+ mobile home park in the USA. The buyer is paying us monthly, and we are financing it through a title agency.
The resident has written with the letter below, and we're confused as to what to do. For starters, all the taxes were paid, the title is in our name, so I don't understand what they're talking about in their letter?
Our question is, should we extend the carryback until they can sell their other property or secure financing, and if so for how long, or do we file for repossession. We don't want them to be out of a home, but we also don't want to lose our money if they run into the same problem in say, 6 months.
Would really appreciate any advice, as UK property law is so different from the USA.
Thank you so much,
"We wish to request an amendment of our agreement for the purchase of the property on (address in Phoenix, AZ). Our request is that we be allowed to continue to make the same interest only payments pending the sale of our other property, or our ability to secure financing for the home.
In explanation, we have met with several obstacles in our attempts to obtain financing over the past year. The first of those obstacles was finding that the home was not affixed to the property as represented by the title company at the time of our agreement to purchase the home. We determine this to be the case when the Sheriffs office affixed a notice of seizure to the door. At that time we found that the house and land had been affixed but later separated. Taxeds on the house had not been paid by the estate or yourself at the time of your purchase of the property (yes they had, we have proof of this). Further, the title was still in the name of the deceased original owner. (Also have proof that this isn't the case). After 12 months of faxes, letters and phone calls we have paid all delinquent taxes, obtained a corrected title and had all Sheriffs liens released.
We have also found that we will be unable to find financing for the property until such time as we are able to put it on a concrete foundation, something we're unable to do at this time. Any additional savings we had to update or repair the property have gone to prior stated efforts to pay delinquent taxes as well as repair of sewer lines, additional fencing and repair of the front entry way.
Despite it all, we do love the home and hope you will agree to allow us to continue to make interest only payments per the terms of the original agreement. We will be happy to have an updated agreement drafted by the title company at our expense.
We will pay the balance of the principal owed as soon as either our other property is sold, or we are able to secure financing."
Hi there, I'm in the UK and selling a house on a 55+ mobile home park in the USA. The buyer is paying us monthly, and we are financing it through a title agency.
The resident has written with the letter below, and we're confused as to what to do. For starters, all the taxes were paid, the title is in our name, so I don't understand what they're talking about in their letter?
Our question is, should we extend the carryback until they can sell their other property or secure financing, and if so for how long, or do we file for repossession. We don't want them to be out of a home, but we also don't want to lose our money if they run into the same problem in say, 6 months.
Would really appreciate any advice, as UK property law is so different from the USA.
Thank you so much,
"We wish to request an amendment of our agreement for the purchase of the property on (address in Phoenix, AZ). Our request is that we be allowed to continue to make the same interest only payments pending the sale of our other property, or our ability to secure financing for the home.
In explanation, we have met with several obstacles in our attempts to obtain financing over the past year. The first of those obstacles was finding that the home was not affixed to the property as represented by the title company at the time of our agreement to purchase the home. We determine this to be the case when the Sheriffs office affixed a notice of seizure to the door. At that time we found that the house and land had been affixed but later separated. Taxeds on the house had not been paid by the estate or yourself at the time of your purchase of the property (yes they had, we have proof of this). Further, the title was still in the name of the deceased original owner. (Also have proof that this isn't the case). After 12 months of faxes, letters and phone calls we have paid all delinquent taxes, obtained a corrected title and had all Sheriffs liens released.
We have also found that we will be unable to find financing for the property until such time as we are able to put it on a concrete foundation, something we're unable to do at this time. Any additional savings we had to update or repair the property have gone to prior stated efforts to pay delinquent taxes as well as repair of sewer lines, additional fencing and repair of the front entry way.
Despite it all, we do love the home and hope you will agree to allow us to continue to make interest only payments per the terms of the original agreement. We will be happy to have an updated agreement drafted by the title company at our expense.
We will pay the balance of the principal owed as soon as either our other property is sold, or we are able to secure financing."
