Can I Sell A Lease Option House
I did a Lease Option and want to sell it. Can I do a dual closing where I line up a buyer and we close on purchasing the house from the current owner using the funds from our buyer? FMV on house is 310 and our buyout is 265. If not any other sugestions?
Assign the contract to your end buyer for the spread between your strike and final sales price.
Consult and attorney, but my thoughts be that your lease option give your optionee "the exclusive right to purchase". What does that mean to you?
I was doing a short sell once on a house that I wanted to buy. I was happy to leave the existing L/O agreement in place. I had negotiated the short sell low enough that I would still make money when the L/O was exercised. The optionee went ballistic that someone else was buying his house. I tried to explain that his option would stay in place and that we would sign papers to fully explain his rights. Then when I started thinking about it, it made sense. The optionor had an obligation to only sell the house to the optionee.
Brenda
Sorry - think I misunderstood your question.
Can I sell a house that I have a lease option on if my lease states I need to get permission to assign the lease. Meaning can I line up a buyer and we both close on the purchase of the house at the same time. I buy from the leasor, and my buyer buys from me without me actually going to a bank for a mortgage? Someone called in a simultaneous closing?
Yes, you can. Find a title company or attorney familiar w/ double closings.
Should I find a title company/attorney first or Try and sell the property first? What is the best way to sell the property: Use an Agent or Just FSBO?
Thanks
Laurie
Thanks for the reply Mr. Locke!
But what about this, what if I did a "subject to" over to my investment company (once I establish it). That way the deed is now in the hands of my company and the mortgage company continues to get paid and I start bringing in some extra cash.
hbinc2000,
You can turn the deed over to the Prince of Whales, but if you are not living in this property should the authorities check then you have comitted fraud. You would only compound the fraud by trying to circumvent it.
Live in the house or the grey bar hotel, should you get caught.
John $Cash$ Locke
[addsig]
if you were planning on residing in the house after you closed escrow but changed your plans, this is not illegal. The lender would have to prove that you had intended to commit fraud. THis would be very difficult but nevertheless could mean an expensive session with some lawyers for you. Is this your first home and do you have any other mortgages on your credit report ?
Thank You So Much, Your Advice Is VERY helpful !
I sent the owner a letter with an offer to buy and the terms I suggested.
As I said he can make out big time & still sell his house, is there anything the real estate company can do to stop the transaction between myself & he if they do not want to be part of it ? 'If He Accepts'
Can the seller amend the deal between himself & the realtors ?
I know I could take a chance & wait for it to come off the market, but I do not want to risk losing it, we really need to be in the area before school starts again, that plays a big part in the deal.
The owner is a minister so I am hoping he will understand.
In my letter I offered quite a bit more than the real estate co listed the home for, the owner should get the letter today.
All he has to do is lease to me for 10 mo or less, we throw down the 10% and he has made a profit and about $10,000 more than listed price.
Sometimes You Just Gotta Do What Ya Gotta Do !
You have a very good win-win attitude here... I wondered if he has agreed??--.. Unless he is in a desperate cash need, he should agree...he could even settle the realtor after a few months’ rent upfront. After all there is no other offer and may have been in the market for long. He can also negotiate agreement with realtor to ensure he will be working at the final closing, if there will be any...
Realtor? Why would a realtor be interested in a LO? If there is no commission in it for the realtor you’re dealing w/ the wrong person. Consider a LO directly w/ the seller w/ no money down and that gets the seller beyond the listing agreement time frame he has w/ the realtor.
We got the home, I bought it straight up for 39,900, we close on the 22nd & we should be 'in home' by July 1st.
Congratulations! Enjoy your new home.
Thank You & we appreciate all the help that this site provided.