Home Warranty Question...
A lady called me the other day with a 2003' 1500sf. She says it's still under warranty. Enamel kitchen sink is chipping off, and plastic shavings in the icemaker/water dispenser in the fridge door. She can't get ahold of the builder and her realtor that helped her buy, has left repeated messages w/him. Where should I tell her to look for help?
The reason I posted this in here is she is considering an offer for a sandwich lease/option where we should make $140/mo. spread on the lease pmt, and I'll take back a note for 10k @ 200/mo. for 60 mo.(7%) that she pays me! This was about the only way I could see to help this lady. She owes exactly what its worth. (moved in Apr. 04') It would be nice to get the sink replaced.
Thank you to all.
You are going to lease option it out back to her?
[addsig]
No, she's moving out as soon as I find a suitable sub-tenant/buyer.
What happened to the realtor and builder? If they went out of business you are screwed but if not you should just track them down. You can always go to the broker of the realty office and ask him/her for guidance. Ultimately it is the builder who likley offered the warranty and is therefore responsible.
GOOD LUCK
Can do this by contract for deed, lease option purchase or act lender by deeding the property over to the buyer and taking a mortgage lien are just a few methods.
Why not just set it up where the buyer pays all closing cost or split the cost 50/50.
[addsig]
Question: Want is a Contract Deed?
Answer: The Land Contract also known as a Contract for Deed or in some parts of the country, Installment Contract is designed as an agreement between the Seller and the Buyer for the purchase of real property in which the payment of all or a portion of the purchasing price is deferred. They can be created on or used on most types of property: Residential, Land Only, Mobile Home with Land, Commercial, and other Mixed Uses.
Question: The tenant would pay the closing cost, but how do we avoid double closing fees (can close at same time)?
Answer: The only way to avoid this is to not do a double close, negotiate the fee or not go through a title company.
Question: How is the landlord's name not on the title and the tenant's name only appears?
Answer: This can only be done if one takes title to the property
Question: landlord would purchase from seller, than sell to tenant's w/owner financing. What could landlord do to not be responsible for loan to his bank and protect his self at the same time if he assigns the home to tenant at closing, would tenant than be resposible for everything and be able to receive all tax benefits?
Answer: Nothing, if he is getting a loan to purchase the property he would be financially liable as the loan is under his name or under the name of his business.
Answer: Tax credits and responsibilities are based on the terms of the contract and filing status.
Question: Is this all done with the title company?
Answer: Yes it can be or not this is simply a matter of choice.
[addsig]
From what you are saying is that this can be done with a title company or with a real estate atty. at closing the contract of deed would be signed at that time? Can this deal be done without using a title company?
Thanks John for all you help, you have really cleared up a lot of issues for me.