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I am trying to sell MY house (no mortgage or lein - lived in…

I am trying to...

I am trying to sell MY house (no mortgage or lein - lived in for 28 years).

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

I want to sell it AS-IS and talked to "American Home Buyer" which has good BBB reports. I wanted minimum of $120K but they would not offer that much. Their Alternate offer was to give me $10K at closing, then renovate and rent out for 5 years giving me $450 for 60 months and then $90K on month 61 for a total of $127K. Can I trust them ??? I have a copy of the contract they put together...

Lawyer's Assistant: Where is the house located?

Missouri City Texas

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not really - I suppose I want him to check the contract as I want to avoid a scam deal

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Answered in 6 minutes by:
4/27/2018
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,822
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
Verified

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

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Good afternoon. Are you able to sell this on your own, to a regular buyer? Why would you not just want all the cash up front and why would you want to wait?

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Customer reply replied 3 months ago
No - the house is not 'Ugly' but needs quite a bit of work on it - hence the AS-IS. Their cash offer was $120K. I am moving in permanently to a house owned by my partner so no plans to buy a new one

Yes, I certainly understand. Many homes are sold as is, so you can list it and sell it and someone can buy it and take it and fix it up or do what they want, with it. There really is no reason to use a company like this and wait for your money and take the risk of getting paid over time, so it may be best to list the home for sale Buy Owner or just hire a Realtor to market it and sell it and pay them a fee. I personally would not want to wait 5+ years for my money

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Customer reply replied 3 months ago
Believe me I understand what you are saying and I have either tried or considered everything you are saying. I suppose my main reason for contacting you is that "IF" I went this method, could you see any legal problems that might occur to prevent me getting the money and/or resulting in my having to owe them money at some time in the future and/or getting into some legal battle with them anytime in the future ???

Yes, if the company goes out of business. If they can not find a tenant to rent it. If there are other issues with the home. If they fail to pay taxes and insurance and the home is at risk. A real company would be able to pay you off and it appears that they do not want to put up any money but 10,000 and they may not be financially secure and have the money in the bank account. They are buying it and paying you off and acting as landlords

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I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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Customer reply replied 3 months ago
Thank you for your help and suggestions. You may close this request from me. Rgds Dave

You are welcome. Please let me know if there is anything else, as I would be happy to respond. If not, please remember to rate my help at this time at the top of this page, prior to leaving, so I can receive the proper credit, for our time together. A 5 STAR rating is greatly appreciated. Thank you.

RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,822
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
Verified
RealEstateAnswer and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 3 months ago
I will give you a 5 Star Rating. As it happens I did get another offer last night that was a simple CASH offer from another AS-IS investor company. We are not due to close for a few weeks, but IF I can get them to send me the paperwork prior to closing, do you offer a service that can review it just to protect myself? If so, which papers do you need and how would I contact you? I have NO IDEA which part of the country you are located?

That is great to hear. You can post this as a new question and an expert may be inclined to review it but it is not something I am able to do or offer, at this time. You would need to upload the contract and ask that an attorney review it if they want but the site does not offer legal advice, so it may be hard to get someone to do and you can just use local counsel, to review it.

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Customer reply replied 3 months ago
Thanks again - Rated as FIVE
My pleasure
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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