Posts

Anyone Had A TB Or A CFD Not Make It In 24 Months

Brill profile photo
  • Monday, October 13, 2003 @ 10:10 AM EDT
  • 7 Comments

Anyone had a TB or a CFD not make it in 24 months. If they didn't refi how did you deal with the intial seller to you on the sub2? Did you renegotiate or did you jut let them know the term would be longer until you refinanced?

I Guess I am parinoid about my t/b not being able to refi and me having to pick up the slack..I can and will but if this happens a few times I will be strapped...

Help John!!!!

P.S. Happy holiday and Go YANKS!

Comments(7)

  • no photo
    Brill12th October, 2003

    Thanks John

    Oh and the New York Yankees of course


    Bri

  • no photo
    rajwarrior12th October, 2003

    Brill,

    There is always the option for you to refinance the property (you're on the deed, remember) and get the original owners loan(s) paid.

    In some instances, this may actually increase your monthly spread because of a better interest rate, added terms, etc. (especially when there are multiple loans against the property).

    Roger

  • no photo
    OCSupertones12th October, 2003

    Depending on your contract..

    Since it has been 24 months, hopefully the house has been appreicating, you should try to sell it outright, make a profit...

  • no photo
    mrstooie13th October, 2003

    Good time here to remember about keeping money back for this purpose. If you can, take that option money they paid and keep it in the bank until you have a few homes going. TB should be giving you notice a month or two before end of lease of their intent. If they are not going to excercise the option you have that time to advertise the home which should help. You could always offer them another year, for more consideration of course.

  • no photo
    classimg13th October, 2003

    We recommend you place a clause (with attorney approval) within the option contract requesting a 90 notice to exercise the option. This approach will warn you well in advance of the tenant buyer’s purchase.

    Eric & Rosa
    [addsig]

  • Beachboy
    Beachboy13th October, 2003

    Dear Brill,

    I think you can almost count on your TB not refinancing. In the last seven years I have only had three TB's cash me out. Life just seems to happen and peoples situation changes. IF a TB does not refinance that is a good thing for you. You keep their option fee and sell the house again. Raise the rent, raise the price...life is good!

    Beachboy

  • no photo
    Brill13th October, 2003

    I guess after reading all these replies, I think Roger had what I was looking for as far as an answer. I guess moreover what I was asking is what the original sellers reaction had been to finding that even after 2-3 years they still had a note which they were responsible for.

    Also Beachboy I was wondering what reactions you had from your initial seller and how your T/B left your houses(condition not terms)

Add Comment

Login To Comment