Buyers’ Rights and Contracts for Deed
The article “A Seller-Financing Trap” (July/August 2016, page 8)
states, “Sellers have the authority to evict buyers, typically in
30 to 60 days, if they miss even a single payment.”
In California, courts are likely to hold
that the buyer, having entered into a con-
tract for deed, has an equitable interest in
the property and cannot be evicted in the
same manner as a tenant. In fact, it is more
likely that a seller will have to go through a
judicial foreclosure, which can take a year
or more. For that reason, the contract for
deed is not favored in California by sellers.
More useful, in my opinion, is the seller carry-back deed
of trust. It is straightforward—it’s recorded and has a well-established method of foreclosure, which takes only 110 days
from beginning to end. I learned these lessons the hard way in
the ’70s and thought I would pass it on for the benefit of agents,
buyers, and sellers.
Claudia Goertz, CRS, C. Goertz & Associates, San Diego
“A Seller-Financing Trap” was way too broad. Texas has excellent
statutes that deal with contracts for deed and there are significant civil penalties for violating the statutes.
Mike McEwen, Cherokee Real Estate Co. Inc., Jacksonville, Texas
Buyer’s Agent Responsibilities
Regarding “Dude, Where’s My House?” (In the Trenches, July/
August 2016, page 40), perhaps I’m not up with the “new age”
way of selling real estate. When did agents stop knowing the
market where they sell homes? In the old days, we knew our
market, previewed properties before showings, and contacted
listing agents to find out if there were any special consider-
ations. As a matter of fact, even our Code of Ethics has language
about being responsible for knowing our market. I don’t agree
with blaming the listing agent for a buyer’s agent’s ignorance.
Jeanette Amen, Berkshire Hathaway HomeServices
California Properties, La Jolla, Calif.
Spotting Elder Abuse
FROM SPEAKING OF REAL ESTATE Older adults are increasingly
vulnerable to financial abuse, including real estate fraud. Sometimes the problem involves their adult children or other relatives
acting inappropriately or even illegally. As a practitioner, what’s
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your role if you suspect elderly clients’ family is trying to take
advantage of them in a real estate transaction?
A land owner contacted me to list her property. We got a buyer,
and on the day the seller was supposed to sign her closing
papers, I received a call from her family friend saying the family
didn’t want to sell. My client’s daughter then joined in with the
family friend to stop the sale. I later found out from my client,
who is 84, that she indeed would like to sell the land but her
daughter had forced her into signing a power of attorney preventing her from doing anything without the daughter’s consent.
It seems like elder abuse to me.
Lorie Chapman, Chase International, South Lake Tahoe, Calif.
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