We sold our house to an Investor

Question

We sold our house to an investor last year because my husband and I both lost our jobs and we were about to lose our hose...we signed a 1 year lease with him so we can stay in our house and buy our house back in one year...the agreement was he would use 6 thousand to fix what needed to be fixed and it has been almost 1 year and nothing has been fixed that we agreed on..we are keeping our side of the agreement. What can we do. We have told him the problems and he sends contractors out to fix the problem but he is trying to take short cuts and every thing has been half a$$ he re did our roof and it still leaks he had some one come and do our pool deck and that was done really crapy and all the dirt and rocks went into the pool and now nothing has been corrected.

Answer 1

If your agreement was detailed in writing then I'd speak w/an attorney.  Investor has breeched the contract & you may have to sue.  OR, when you buy the house back from the investor perhaps you could simply get the $6,000 back - or get the house price reduced that much.

RE: the shoddy work thaat's already been done, you'll probably have to get the contractors back to correct their mistakes - or sue them.  Again, speak w/an attorney.  Good Luck!

Answer 2

I am sorry for your situation. We have found in the business that most people who offer to "save your house" and sell it back to you are full of c**p and just looking to nab themselves a cheap house.

They usually charge a high rent, something they think the former owner will not be able to live up to. Then when the renters miss a payment, they have every justification they need to evict them.

So now they have your deed, and you no longer have a contract to buy it back.

You can get a very low cost appointment with a real estate attorney ($200) who can look over the paperwork, and advise you on your options.

Good job keeping your end of the bargain. Keep it up, it gives you credibility and legal priority.

Answer 3

Tough spot to be in. You have some options but not many in my opinion. You could just put up with it for that year, then move out.  You could try to get financing now to buy the house back. Or you could just leave now, knowing you aren't able to buy it back, nor live in the conditions you describe.  Your choice.  I'm sorry, but it sounds like that investor has taken advantage of the situation and you.

Answer 4

Get yourself to a real estate attroney NOW.

Hopefully you had representation before signing with this guy?

Are you in a position to buy back your home?  Do you want to?

Have you made repair requests/complaints in writing?  Do you have records?

Don't do this alone.