Owner financing, refinances after finding a buyer?

Looking for some information on this. A member of my family is buying a house, it is owner financed, and both ends signed a contract, seller to buyer " contact for deed ect. The buyers are looking to either rent it out or sell it, (they are evaluating their options because they are mostly out of town), first question, can they sell to protect their interest as long as they pay off the original owner? 2 question, is the original owner who entered the contract allowed to refinance at any time? I believe they did this twice without letting the buyers who are still making payments to buy the house (my family) know what was going on. I assume it is also illegal for them to try to sell the house to someone else while my family is already in agreement on paper to buy the house, this seems like a no brainer but if someone could confirm this that would be great. Okay, that makes sense. So, basically they are not yet on the deed, they are still making payments towards the house. They did want to rent it out while they are not staying at the house, the owner said no, he will decide who comes in but came back and said he had a buyer who wants the house. However, my family is still in contract so it sounds as though, the owner can do whatever he wants except legally sell to multiple buyers. On the contract it says the person who is living in the house the buyers are responsible for payments, damages/repairs basically anyfee, why can't they rent it out to protect their interest? Also one other thing, ( i am not an expert here so I don't know) they are in a contract for deed, the owner of the house has refinanced twice and is tacking on more interests rates, he is changing the amounts of what is owed on the house and is claiming they owe it, how can that work?

4 weeks ago - 3 answers