Can I Sell A House That I Have A Lease Option On?
Ok. I am considering lease optioning a house. If if go through with it and during my option period find a buyer, can I sell the house? If so, how do I get my spread over what the original owner wants out of it? Lets assume that the potential buyer is going through traditional financing.
Question: rough with it and during my option period find a buyer, can I sell the house?
Answer: It all depends on the terms of the lease option. If done correctly you can sell the house.
Question: How do I get my spread over what the original owner wants out of it? Lets assume that the potential buyer is going through traditional financing.
Answer: Have no ideal! What would you lease opt it for? What is the market value? What would you sell it for?
Before jumping into this form of investing I would suggest you take a course or at the least read a book on the subject matter before going any further.
thanks...I think
Normally, the right to buy conveys the right to sell--unless your Contract states otherwise. Does the Contract state that the Option is nontransferable and/or nonassignable?
I am allowed to sell the house. I just found that out. Now my question is, how do I get my spread over what the owner wants. In other words, can my spread be listed on the HUD since I am a principal in the transaction.
The most common way is a simultaneous close. If the Seller will give you a Performance Mortgage, you can be paid as a lien holder. Or you can assign yor Option for a fee.
Option King, YOU ARE THE MAN!!!
here here!
Most people equate a mortgage with a loan; however, you can place a mortgage on property to secure any Agreement. The problem is--most Sellers won't give you a mortgage just on a L/O.
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