I am hoping you could shed some light on this question for me. I receive an offer for my home. But am not understanding if I will be taking a risk if I accept this or I shouldn't even accept this offer.
the buyer is offering to pay off the mortgage company upfront and my portion to be paid to me 3 mos following by a bank Documentary Letter of Credit . I am hoping you could advise me on this.
I would appreciate any advise you could provide.
2 Answers from Attorneys
You really should hire a lawyer right away to review the situation and the paperwork and assist you with this transaction. Although it would likely be much more affordable to pay an attorney hourly to help out with this, if you have no cash or credit now to pay an attorney, you could easily enlist a Real Estate Agent to assist you now for a percentage of the sale price.
You need an attorney to assist you with this.. This could be real or more likely a problem and a scam. I once had a couple who made a deal similar to this but the buyer agreed to pay the mortgage and eventually buy them out. He never paid the mortgage company and they lost their home and equity.
Among the things you want is a first mortgage post closing on the property for your equity so you can foreclose if they do not pay you within 90 days. If they have the money to pay-off the mortgage they should be able to get a mortgage or line of credit at closing.
Feel free to call me without obliogation.