Can landlord dictate terms of rental home sale including mortgage broker and imposing a second loan so we stay within fha limits? Do we have recourse?

In rental, landlord passed. Wanted to sell before passing at an interest only loan. Now heirs want to sell but to go through their mortgage broker for fha and provide us a personal loan to cover closing costs. We realize the home has problems and need help negotiating. What type representation can help? What is the cost?
(0) | asked by: Traci Le | share | 66 months ago | Report


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answer by AnneMarie Encarnacao    |   Contact Me
Hi...Your best bet is a real estate lawyer and it is approx. $1,000. Also, maybe a 203K loan would be the way to go if the home needs work. You can get a $35K up front one rolled into the mortgage or more then that and it goes in tiers as the work progresses. Good luck! AnneMarie
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66 months ago  |   Report   |   share
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