EXPLATIVE

Seven years ago, I was offered the opportunity to buy a relative's house. The verbal agreement was such: I will make an initial downpayment of 10000 and make the mortgage payments, with the tax benefit being appplied back on the payment.. just to make sure they were stable at their new job, and wouldn't need to move back. After one year, I made the remainder of the downpayment, agreed at an additional 5000, but refused an offer for a home warranty in the ammount of 2000. They said they would "walk away" from the property for the payoff amount left on the house, citing that the house needed repairs, and didn't want to spend money to fix it. I needed some time to establish credit to get approved for a loan. Three years later, I was ready to buy.. In the meantime, I made 12000 in repairs,all the mortgage payments and the market price rose about 60%. He wants 35k above the payoff ammt. now. Is there anything I can do, since everything was a verbal agreement? I am still paying the mortgage.

That normally should have been in writing for real estate and for such dollar amounts--but you could still take the issue to court and argue on equitable grounds it is not fair--he would have to testify under oath etc.

The threat of court action may help cause a compromise.