Michael
Waterford,#2Consumer Suggestion
Mon, August 04, 2003
This is a no-brainer. Get your contract and proof of down payment, (lease-option deposit) get it to your lawyer. Demand a copy of the deed and get the title to the property to determine ownership. What you have is a questionable Lease-Option agreement which very well may be constued as an installment purchase by a judge. In Michigan, it's a land contract purchase. Whoever is trying to force you out most likely won't be successful, so let them go through the process of the courts through a lawsuit. That is, of course, if they are in fact the true owners of the home (on title). Your day in court should be showing a judge that they entered into a lease option purchase, and sold for well over the true value of the home. This is predatory and they no it. However, why would'nt you do your homework and find out what the house is worth? I mean c'mon, just because they told you it was worth $80k, you didn't compare that value to other comparable homes in the area? You have responsibility too, you know. You can't just blindly rely on what people tell you, agree in writing to pay $675/$80k, and then later decide it's too much money to pay. By signing your lease-option agreement, you agreed your house was worth paying $675/month, and it is also worht $80k...which it obviously isn't because you finally had it appraised. Why didn't you get an appraisal upfront? Lesson: Do your homework next time.