Lease Option Paper Buying
Does anyone know if a bank or mortgage institutions that will buy my home with a good tenant buyer in the home. This is the same as buying paper except the institution is pretty much buying my lead and getting the property with it. At one time, I knew of a bank that paid 90% of the value of the home and they work with tenant buyers to give them a loan within 5 years. Anyone know of any banks doing this now? Thanks in advance
If it was a commercial, credit tenant company, or apartment master lease to a university... maybe...
Yes, it is possible --only if the Value is there and there is
a good deal for another investor. Can not finance but assign Contract to other Investor--for a small fee for your self or just free to get read of obligation. Make sure it is expalined to Buyer of Contract, Tennat and Seller upfront and make it with such wordings so that there is no future obligation for you. May need an attorney.
I am just thinking about -this as a specialty --as Finder to
get into it -- will post in few weeks.
The loan is probably not assumable...
The only option is for your son to bring $30k to the table or walk away, as I see it!
Times have changed and no bank wants to get stuck with a home under water from day one...
ttt
If he is a true friend --he can rent the house to your son
at same monthly payment as the original -- hopefully to breakeven - Mortgage + taxes + insurance ( PITI). Your son has to maintain - do repairs at his cost -just as if he owned the house. Friend saved his credit - so now he has to save him - Yes - he can walk out --and his friend can loose big time and no friendship-- best thing is to stay there few more years -- do some minor improvements --landscape , paint, add a deck, etc --sweet equity --and wait for price to go up -- OR he can get the financing as approved and do
a second mortgage or personal loan for the difference --
with a five year Ballon payment - to avoid higher payment now - In five years --Refinance and pay off second mortage -That is MORALE --being honest and keep friendship--Being greedy is not good --assume he lost money in stock market -
OR what if he was qualified three ( 3) years ago and now lost value of home --he would have stayed there any way.
THIS IS A MORALE AND FRIENDSHIP ISSUE -NOT
FINANCING ISSUE -- JUST BAD LUCK THAT HOUSING MARKET AND VALUES WENT DOWN --
NewKid, I think there are a lot of us who see it as you do.
Hahaha! Yes, I concur--of course, I intended to occupy... lol
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There are alot of ambiguitys and there will be lawsuits, and regulations to modify / tweek the implementation of the law.
I think there are/were alot of other people that benifit from the law. I forgt the term, but the national database (like a credit breau) will charge (I think it was $30) for EVERY application submittded.
for doing noting but being a data base, I think that is a great ROI.
When Karl Marx enumerated the ten guiding principles of a Communist nation in 1848 number one was "Abolition of private property rights and the application of all rents of land to public purposes. " Number five was " Centralization of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly". This financial "reform" is a *HUGE* step toward total abolition of all private property rights in the Communist model.
In NC, SAFE legislation for individuals and small companies who originate less than 5 seller financed mortgages on their own property is a non-issue.
Lucky you.
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