While going thru a divorce my husband found this guy who said he'd buy our house.
He is a WE BUY HOUSES person. He said he would buy it on a landcontract and when it sold he would give us the differance beteen what he got for it and what was owed on it minus his expences and a percentage of the profit.
He said if he did not sell it within a year we could either take the house back or renew for another year.
After a year went by I contacted him when the house hadn't sold and he said I'd better read the contract better.
According to the smaller print buried in the contract, it said he legaly had control of the house for 7 yrs. AND didn't have to make ANY payments on it for that 7 yrs.
When I talked to my bank I found out he was only making the mortgage payments every 3 months just enough to keep them from forclosing.
Also, he had the bank remove my address and had givin them his Post office box #. All these late payments showed up on my credit report and now I can't get a loan for anything or rent an apt based on my credit report for 7 years, when this info drops off.
He finally did sell the house after 3 yrs and by that time he had enough money invested in it we got O dollars for it.
Nothing on a house we had paid on for 20 years. I took this case to the Ohio Attorney General and they said if I sighned the contract there's npthing I could do. Mike Foster told me if I persued this he would sue me for harrasment.
I found some other people he'd done business with at the local clerks office and they told me he did the same thing to them. It must be his regular MO. He advertises CASH FOR YOUR HOME. But this isn't what happens.