How Do I Now Avoid Seasoning Issues?

I have had a pre-foreclosure house under Lease purchase while fixing up. I had planned to find a tenant buyer, but my expenses and carrying costs have depleted my funds.



My Lease Purchase Agreement was recorded at the county.



Now, as I have found a traditional buyer, I must do a double closing.



My well qualified buyer will use his credit union to finance his purchase with large down payment.



What do I need to do to avoid seasoning issues? I will use my attorney to prepare docs for closing. Buyer has agreed to use my atty also to streamline closing.



What can go wrong and how can I avoid it?



Comments(3)

  • Apprentice2Him12th July, 2006

    My buyer backed out today, stating they wanted to wait until the housing market here got cheaper. I told him interest rates were going up (a friend at a major bank called me today saying they had been notified of a half point increase effective 7/20).

    So--back to the bandit signs and advertising.

    Thanks to you who responded. You helped allay some fears on this deal.

  • LeaseOptionKing13th July, 2006

    I was speaking of with the T/B. With the Seller, I get as long as I can, but I still get 12 months with renewal periods and the right to back out at the end of each period.
    [addsig]

  • pepemt13th July, 2006

    I should have probably caught that.

    Thanks for the clarification.

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