Legal Question in Real Estate Law in Georgia
Mother-in-law selling home, asking $99,000(appraised at $115,000 two years ago). Her son and I will be handling financial decisions for her. Offer has been made of $90,000 (with $9,000 down when and if we agree on this offer) and her financing balance for (1) year at 5%. Potential buyer has home(supposedly worth $ 248,000) that has not sold yet. He says he will pay $ 750 per month which includes principal and interest on the balance of $81,000. We really didn't want to come down that much on the house unless we were going to net $90,000. We are not really happy with an arrangement like this since we don't know what our options are: e.g. will party take care of house?, what will they be doing with/in the house while it is still under mother-in-law's name?; we will still have to carry homeowner's insurance?, and how to get them out if they do not manage to come up with money a year from now? HE said he would pay homeowner's insurance, but that would just pay us, but not release any liability from us. If anyone could give me some insight on this, please let me know. Thank you very much.
2 Answers from Attorneys
You need to schedule a consultation with a real estate attorney before you commit to anything. You may also wish to involve a real estate agent who is aware of whether market conditions warrant the terms that you are being offered.
That sounds like a possibly a very bad deal. You should see a real estate lawyer, and you will probably be told all the potential problems. Sometimes a bad deal is far worse than no deal. Meet with a lawyer and have them review any and all offers you get.
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