L/O Okay With Bank?
If I am leasing a house from a lady with the sublease option, is this okay with the bank she has it financed with?
I have a buyer who would like owner financing. How would I find out if this is not something that would be breaking her contract with them (Chase)?
Thanks,
Lynn
If all you have with the Seller is a L/O, all you can give your Buyer is a L/O.
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Leaseoptionking had a great twist on this type of scenario...maybe he will chime in and spell the details...it involved getting an option with very little or no down...Regards, CWal
What would you consider a fair option price? Length of the option?
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By not taking it off the market, we lock in a price with very little consideration. That way, we can Option dozens of properties with very little cash. Presumably, we would have connections and be creative in finding a buyer and do so rather quickly. Often, when I Option something, I already have a Buyer in mind.
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By not taking it off the market, we can place Options on property all over town with very little cash, lock in prices, and have everyone sign the Option with almost no convincing. Presumably, we would be able to sell it very quickly by having connections and more creative methods than the Seller. Often, when I place an Option, I already have the right Buyer in mind and know exactly who I will sell it to.
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"A deal is only as good as the quality of your Contracts." --Me[ Edited by LeaseOptionKing on Date 02/25/2005 ]
One word of caution. I know a guy who got a non-exclusive option, did the marketing, came up with a qualified buyer, only to find out the owner had put it under contract to sell to someone else without telling my friend. He no longer does non-exclusive options.
JD
Thanks for all the replys, very good info.
What would you consider a fair option price and what length of time should I try to obtain?
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Sorry, Red--I was just speaking in general terms for others who may be reading. With land, get as long as possible (six months is good). Land is a more difficult sell.
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Here ya go...http://www.uslegalforms.com/enter.cgi?realtycentral^/realestatecontracts.htm
[ Edited by TORGLLC on Date 03/02/2005 ][ Edited by TORGLLC on Date 03/02/2005 ]