lease to buy

[Keith Oliver]

From: Keith Oliver Email: [email protected]
Subject: lease to buy

We are in the state of Arizona. We are the owners of a house that we are trying to sell. We entered into a lease to buy agreement calling for the buyers to close escrow by 9-30-99. They cannot qualify for a mortgage. We are planning on taking the house back since they cannot secure financing due to their poor credit history. Their realtor has put "our" house on the market via MLS. He is hoping to sell it for enough money to get the non refundable down payment back and enough to satisfy our asking price. My qusetion is, Can our house be listed for sale without our consent and only with the consent of the buyers that cannot qualify for a mortgage???

 

[Steve Ikeda]

From: Steve Ikeda, SJ Fowler Real Estate Email: [email protected]
Subject: RE: lease to buy

It sounds like that since your tenaants don't own the house
that they have no right to sell it. You should contact the agent
who is trying to sell the property and inform that agent that
the tenants do not have the right to sell it.

What will probably happen if someone trys to purchase this home is
that the title company will do a preliminary title search. When this
title search reveals that the tenants do not own the property, the title
company will not provide title insurance to insure the property and the
sale will probably fall through anyway.

Steve Ikeda
SJ Fowler Real Estate, Better Homes & Gardens http://www.ihomes.com/az/sikeda.htm