Legal Question in Real Estate Law in Arizona
house wraps gone bad
How do you fix a real estate deal where the realtor buys the seller's rights and responsibilities under a contract for deed and fails to assume or refinance the existing loan? What if the realtor then allows the ''buyers'' to pay late, underpay, and mess up the seller's credit? How can the Seller get this straightened out to fix his credit?
1 Answer from Attorneys
Re: house wraps gone bad
Oh, the dangers of "wraps!" You are selling to people who cannot qualify for financing on their own usually. You must protect yourself. Sounds like you might not have done do, but hard to say without an attorney looking at all the transaction paperwork and knowing all the facts.
Have the transaction reviewed by an Arizona attorney. Too few facts are known here, and no documents, to give a good opinion.
Also, check with a credit bureau to see what can be filed to help your own rating, such an an explanation, etc. that someone else is in the property.
Good luck.
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