House a headache? She'll take it

Full story: The Indianapolis Star

Nina Lantz endured years wondering how she would pay her sky-high medical bills and her mortgage as she recovered from a serious illness.
Comments
1 - 20 of 77 Comments Last updated May 14, 2014
First Prev
of 4
Next Last
Great

United States

|
Report Abuse
|
Judge it!
|
#1
Sep 18, 2007
 
This is great news! With people like this helping homeowners, we can double property taxes!
Speedway Resident

Indianapolis, IN

|
Report Abuse
|
Judge it!
|
#2
Sep 18, 2007
 

Judged:

1

God bless you and your family. What a wonderful way to give back.
Jules in Indy

Indianapolis, IN

|
Report Abuse
|
Judge it!
|
#3
Sep 18, 2007
 

Judged:

1

1

1

What a great concept, idea, vision and service! KUDOS to Nina Lantz!!! Innovative Solutions should be awarded the highest honors in business excellence and service!
Time to buy

Indianapolis, IN

|
Report Abuse
|
Judge it!
|
#4
Sep 18, 2007
 
I would recommend highly against anyone ever using a land contract. If the person you "sell" to doesn't make the payments, you're still on the hook. This is a VERY risky way to sell.
Kathy

AOL

|
Report Abuse
|
Judge it!
|
#5
Sep 18, 2007
 

Judged:

1

This is a person who should be touted! How refreshing to hear about someone making a profit the right way in such a great way! Here's to Nina Lantz continued success! Thanks to the Star for telling her story!
Kathy

AOL

|
Report Abuse
|
Judge it!
|
#6
Sep 18, 2007
 

Judged:

1

1

1

Hey Timt to Buy-If you weigh the risks, which it appears Nina and her family do, the worst that can happen is taking back the house and reselling it while carrying the debt during that period. Its called allowing for vacancy and maintenence and non payment in your business plan.
Common Sense

Indianapolis, IN

|
Report Abuse
|
Judge it!
|
#7
Sep 18, 2007
 
Three questions - If the seller doesn't loose on a home that is upside down, then the buyer must be paying too much for the home.

No inspections? Termites, Rotted Windows, Bad Electrical, who pays for those repairs.

Is there a Title Company involved?

The star is giving FREE advertising to something that leaves many questions. VERY RISKY
tired

United States

|
Report Abuse
|
Judge it!
|
#8
Sep 18, 2007
 

Judged:

1

1

A rip off. They are not guaranteeing anything to the people in trouble.If the people put in their homes don't pay, they still lose them. When you move into a home with no money invested, you have zero equity. When your neighbors lose their homes and the prices fall, you have negative equity. Why should these people be praised for trying to capitalize on other people's misfortune. Vultures.

“I know you are, but what am I?”

Since: Dec 06

That way...

|
Report Abuse
|
Judge it!
|
#9
Sep 18, 2007
 
Or...the tenant/purchaser trashes the house and leaves the property owner in the lurch.

Or...the tenant/purchaser discovers major condition issues with the home after moving in that the seller failed to disclose.

Or... there are a thousand ways these deals blow up.

And... it's one of many ways in which the market is responding in creative ways to economic downturn. Good for you Ms. Lantz. I wish you tremendous financial success.
Indy888

AOL

|
Report Abuse
|
Judge it!
|
#10
Sep 18, 2007
 
Excellent concept, if it works. By the way, nothing in the entire article mentioned whether or not they were licensed as real estate agents or licensed as brokers which is required in Indiana. Why?
TheCupisBroken

United States

|
Report Abuse
|
Judge it!
|
#11
Sep 18, 2007
 

Judged:

1

1

tired wrote:
A rip off. They are not guaranteeing anything to the people in trouble.If the people put in their homes don't pay, they still lose them. When you move into a home with no money invested, you have zero equity. When your neighbors lose their homes and the prices fall, you have negative equity. Why should these people be praised for trying to capitalize on other people's misfortune. Vultures.
Holey crap are you negative. Without this business, these people LOSE their homes. With it, they immediately save their credit rating and reduce their stress. Risky yes, but less so than imminent foreclosure. I guess the only thing that would make you feel better is if the government paid off your mortgage huh?
Bottomfeederfind er

Carmel, IN

|
Report Abuse
|
Judge it!
|
#12
Sep 18, 2007
 
Naeve reporter has been taken in.
Johnny-D

United States

|
Report Abuse
|
Judge it!
|
#14
Sep 18, 2007
 
What she is doing is working and thats great. But this is the exact kind of thing that was the reason for senate bill 390 last year, which attempted to criminalize this, and stop unethical real estate investors from taking advantage of poor uneducated homeowners. The Star is giving free advertising to something that the Indiana attorney general and the mayor of Indianapolis have called crooked and unethical. I am not saying they were right or she is wrong. But what is innovative and creative to one person is criminal and unethical to another.
My two cents

Indianapolis, IN

|
Report Abuse
|
Judge it!
|
#15
Sep 18, 2007
 

Judged:

1

Again when will people posting learn the difference between "loose" and "lose?"

When in doubt remember this:

The dog got "loose" from his chain.

The Pacers "lose" a lot of games.

Now put it into practice.
Wolfrham Hart

Indianapolis, IN

|
Report Abuse
|
Judge it!
|
#16
Sep 18, 2007
 
Indy888 wrote:
Excellent concept, if it works. By the way, nothing in the entire article mentioned whether or not they were licensed as real estate agents or licensed as brokers which is required in Indiana. Why?
A private citizen can sell to another private citizen without the need for a real estate agent. Do you recall all those For Sale By Owner signs? To sell your real estate in Indiana you aren't
required to use a licensed realtor. A realtor offers various services in exchange for his/her commission, but you don't have to use that realtor and related services.
Common Sense wrote:
Three questions - If the seller doesn't loose on a home that is upside down, then the buyer must be paying too much for the home.
Many long term tenants are willing to pay above market rent in order to lock in a secure negotiated price for the house. Usually those tenants get a rent credit of some kind for IF they decide to purchase the house at the agreed upon price. At the end of the tenant's lease if the house isn't worth the agreed to price the tenant doesn't have to buy. At that point the landlord finds another tenant and the process starts over.
Common Sense wrote:
No inspections? Termites, Rotted Windows, Bad Electrical, who pays for those repairs.
Usually these are fairly new houses being leased. They shouldn't require much in the way of repairs. The potential tenant can have an inspection before they move in and definately should have an inspection before they exercise their option to purchase the home. This is a long term LEASE not a RENTAL. When you LEASE you're responsible for the repairs, not the landlord.
Common Sense wrote:
Is there a Title Company involved?


Yes, they are involved at some point in time, but I couldn't tell you when.

This is a win-win for the people involved. It isn't risk free, but if you want that invest in gov't bonds. Homeowner A is about to be foreclosed on for whatever reason (lost job, ARM adjusted payment too much, whatever). Investor takes title to the house and takes over the preexisting mortgage. The preexisting mortgage stays in Homeowner A's name. The preexisting mortgage usually has better terms/interest rate than what you can get now. This is perfectly legal, if atypical, and the bank usually doesn't enforce the due-on-sale clause because they just want the mortgage checks coming in. Tenant/Buyer can't get a conventional mortgage (bad credit score, just out of bankruptcy, whatever) but wants a house. Investor agrees to a long term lease with Tenant/Buyer (up to 3 years). They agree on a predetermined price for the house that Tenant/Buyer will pay. At any point in those 3 years the Tenant/Buyer can exercise their option to buy the house (usually with a conventional mortgage). At the end of the lease the Tenant/Buyer can walk away if they want to and Investor finds another tenant.

Homeowner A doesn't get foreclosed upon and keeps their credit. Investor A makes a little bit of money. Tenant/Buyer gets a house to live in for a few years, can repair their credit during the lease, and maybe buys it at the end of the process. Sounds like a Win-Win to me.

That's the process in a nutshell.
Wolfrham Hart

Indianapolis, IN

|
Report Abuse
|
Judge it!
|
#17
Sep 18, 2007
 
Johnny-D wrote:
What she is doing is working and thats great. But this is the exact kind of thing that was the reason for senate bill 390 last year, which attempted to criminalize this, and stop unethical real estate investors from taking advantage of poor uneducated homeowners. The Star is giving free advertising to something that the Indiana attorney general and the mayor of Indianapolis have called crooked and unethical. I am not saying they were right or she is wrong. But what is innovative and creative to one person is criminal and unethical to another.
The AG, the mayor, and the legislation was idiotic. This is weird, we don't understand this, so it must be wrong. Let's criminalize this. That's always a stupid line of reasoning.

The process works when everyone lives up to their agreement. Before someone chimes in with a "what happens when someone doesn't live up to their word" argument, ask yourself when is anything in life guranteed? Nothing in life is risk free, but for some people this process is exactly what they need. Don't take away a legitimate tool just because someone may abuse it. In a conventional mortgage, how many people has been abused by fraudulent home inspectors, appraisers, and lenders that didn't follow prudent lending practices? Something can go wrong with any process if it is abused. But I'm not going to argue that a conventional 80% Loan To Value mortgage should be criminalized just because some idiot didn't keep their word.
huh

Collinsville, MS

|
Report Abuse
|
Judge it!
|
#18
Sep 18, 2007
 

Judged:

1

Why is this news?
arnie

Muncie, IN

|
Report Abuse
|
Judge it!
|
#19
Sep 18, 2007
 
The Realtors quoted in the article sure don't like this new concept. Can you guess why.$$$?
Whoo hoo

Bridgeport, WV

|
Report Abuse
|
Judge it!
|
#20
Sep 18, 2007
 
I think Nina Lantz's business is the best-case scenario.
That does not mean there aren't other "investors" out there doing shady business with these kinds of deals. I appreciate Jeff Swiatek explaining this in a way that is understandable.
If it is well-regulated, I think this can be a win-win for the parties involved in many cases, however it will never be risk-free. But neither is buying a house through a realtor or builder either...Trinity Homes, anyone?
Parent

Indianapolis, IN

|
Report Abuse
|
Judge it!
|
#21
Sep 18, 2007
 
Where can I get her phone number to move into one of her homes?

Tell me when this thread is updated: (Registration is not required)

Add to my Tracker Send me an email

First Prev
of 4
Next Last
Type in your comments below
Name
(appears on your post)
Comments
Characters left: 4000
Type the numbers you see in the image on the right:

Please note by clicking on "Post Comment" you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Other Recent Home Buying Discussions

Search the Home Buying Forum:
Title Updated Last By Comments
Real Estate Agents: Single-Family Homes a Hot R... (Jun '12) Wed Susane Walker 53
The 10 commandments of the home buying process Jul 17 most important 4 list 1
walk in closet looks different from the model home (Nov '10) Jul 15 Jane 2
Craig Barrager Remax Real Estate Centre May '14 concerns fall on deaf ear 2
Smacks Bayou homeowners learn docks, land under... Apr '14 resident 1
Dallas Homes Selling at Ridiculously Fast Rate Apr '14 Guest 1
Is summer of 2014 a good time to buy a home in ... Apr '14 ABhiman 1
•••
•••