Not sure exactly what you are asking but no, a lease option is not a refinance or a transfer of deed. It is normally a rental contract that contains a purchase option at the end of a specified time period. The person renting/selling the property keeps full title until the option is excercised and the purchaser obtains a loan and purchases the property.
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I am talking about a buyer in a lease option, when the lease is up and the buyer wants to purchase, there are lenders who would consider a lease option a refinance from what I read in this forum. just wondering if anyone can recommend a lender.
If you want to find the best creative mortgage brokers who understand the needs of real estate investors, and those who treat lease options and also land contracts as a refi, go to your local REI club meetings. That is the best place to find a good local mortgage broker.
Lease option king I have studied lease options pretty intensely and so far, you definitely seem to know what you are talking about, thank you for all your help and posts.
I do not have my notes with me, but I believe it was a Wells Fargo (subprime lending group) that spoke to my investment club about a T/B obtaining a refi. There needed to be a written L/O contract and 12 monthes of payments. The payments had to be documented: check, money order, etc.
Not a lawyer here but I think that he would have the 60 days from the SECOND notice as he had until the 1st to excercise his option. The quick way to find out would be to file eviction papers and see how the courts shake it out. At the very least it will cost him more money for attornies fees and your costs should be minimal.
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dorikids, it depends on how your contract is written. On on old L/O contracts, I said that they must give 60 days written notice and that the option ended on 12/01/05. Well, they gave notice on 12/1/05. They argued that they have given 60 days notice which extended the option. They then filed a Les Pendens on my property. I agreed to extend the option and sold them the property. So now my contract says that escrow must close and title must be transferred no later than 12/01/05 and that notice must be given 60 days prior to the close of escrow.
My Contract just grants an Option for 12 months, and when it expires said end date is unequivocal. We start the closing process at the beginning of the 12th month, and if it takes over 30 days (my broker is good, and it usually is handled in less than 30), then I just get another rent payment (verbal extension, but nothing in writing).
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Rick....
Not sure exactly what you are asking but no, a lease option is not a refinance or a transfer of deed. It is normally a rental contract that contains a purchase option at the end of a specified time period. The person renting/selling the property keeps full title until the option is excercised and the purchaser obtains a loan and purchases the property.
[addsig]
I am talking about a buyer in a lease option, when the lease is up and the buyer wants to purchase, there are lenders who would consider a lease option a refinance from what I read in this forum. just wondering if anyone can recommend a lender.
If you want to find the best creative mortgage brokers who understand the needs of real estate investors, and those who treat lease options and also land contracts as a refi, go to your local REI club meetings. That is the best place to find a good local mortgage broker.
Lease option king I have studied lease options pretty intensely and so far, you definitely seem to know what you are talking about, thank you for all your help and posts.
I do not have my notes with me, but I believe it was a Wells Fargo (subprime lending group) that spoke to my investment club about a T/B obtaining a refi. There needed to be a written L/O contract and 12 monthes of payments. The payments had to be documented: check, money order, etc.
What is your minimum FICO to get 90 percent?
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I was referencing another string to jugg.
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thank you!! do you think he can come back and claim equitable interest to stop a potential sale for us?
Not a lawyer here but I think that he would have the 60 days from the SECOND notice as he had until the 1st to excercise his option. The quick way to find out would be to file eviction papers and see how the courts shake it out. At the very least it will cost him more money for attornies fees and your costs should be minimal.
[addsig]
dorikids, it depends on how your contract is written. On on old L/O contracts, I said that they must give 60 days written notice and that the option ended on 12/01/05. Well, they gave notice on 12/1/05. They argued that they have given 60 days notice which extended the option. They then filed a Les Pendens on my property. I agreed to extend the option and sold them the property. So now my contract says that escrow must close and title must be transferred no later than 12/01/05 and that notice must be given 60 days prior to the close of escrow.
How specific is your contract?
My Contract just grants an Option for 12 months, and when it expires said end date is unequivocal. We start the closing process at the beginning of the 12th month, and if it takes over 30 days (my broker is good, and it usually is handled in less than 30), then I just get another rent payment (verbal extension, but nothing in writing).
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