Help! My Deal Fell Through..Want To Do A L/O
I have a property that was supposed to close today.(sell). Fell through. I want to do a lease with option so I can get someone in there fast. (it is completely redone,nice and has been sitting there empty while I thought I had a deal.). Lease w/options are not done around here (that i've seen). If anyone has any advice on anything, (how to write the ad, structure the deal etc.) I need it! The house appraised for 112K (before I put the new ch/ca w/ heat pump in) 4 bed 2 and 1/2 www.bath.thanks! Lisa T
If your deal fell through why would you want to run ads and every thing else.
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Why did the deal fall through? Are you sure all is lost?
Myfrogger, yes I think it is dead. Her lender would not fund because of something that came up on her credit due to her exhusband. We met on Monday and talked about different options. She was supposed to get back to me by noon Thurs. She did not and I called her, she was supposed to cb in 30 min. she did'nt.
JohnMichael, I guess I really don't understand your question. I want to run ads and everything else because I want to get a L/O. Pls make yourself more clear. Lisa T
"Rent to Own" is a common phrase that people are familiar with as opposed to Lease Purchase. Be sure you explain the details, this isn't a TV.
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JohnMichael, Did you see my reply? I am still interested in what you mean by your post? Pls explain if you mean to be helpful. Lisa T
Try this:
Rent-To-Own. Easy Terms
Only $x,xxx down and $xxx per month.
Call Mike (555) 555-5555.
and.......lighten up, this is suppossed to be fun!!
Why don't you refinance to pull your principal and some profit out of the property while you are in the process of lease optioning or renting the property, which takes time, assuming you are the investor that went in and bought it and fixed it up for sale?
You could also sell the property via temporary owner financing, as note buyers are a bit more forgiving of issues that your buyer had, and you may be able to use the same buyer to sell your property. This method allows you to sell your first lien AT CLOSE, CASHING YOU OUT, so you don't have to carry back paper, as long as buyer is strong enough.
Best, Dave
thanks, Davehays. I did refinance and my buyer is now my tenant. She is still trying to buy it. Thanks for the advice. Lisa T
do a rent to own/ lease purchase. That way your proerty gains equity while the morgege is being paid for
I'm sure you just haven't had the right broker look at the deal. If you got that far then something came up, it sounds like maybe you never had a real approval anyway and the lender/loan officer possibly dropped the ball or didn't put enough time into the loan. Very seldom does something come up at the last minute. It's usually because someone put off working on the file until the last minute.
I think johnmichael was thinking incorrectly that you were perhaps the buyer-and that's maybe why his post seems confusing.
You might want to consider continuing to market the house until the closing next time. It's common for buyer to backout, and continued marketing would have someone else "in line".
If the original guy buys it, you already have a buyer for your next one!
Z