Question On L/o
if I have a l/o with these terms:
<!-- BBcode auto-mailto start -->**Please See My Profile**<!-- BBCode auto-mailto end --> with a down of 3000 and this person decides to refi what would the purchase price be? The original minus the principal and down that has been paid? This would be a 30yr amortized mortgage held by me. and also could or should youpenalize for early payoff? <IMG SRC="images/forum/smilies/icon_rolleyes.gif"> [ Edited by jo20 on Date 08/05/2003 ]
Say it again, without all the trick stuff this time!
trick stuff? I didn't put all that crap there must have said something I wasn't allowed to. anyhow my question is when you l/o and that person decides to re-fi how do you arrive at the payoff? Just deduct the pricipal and down that has been paid from the orig. agreed upon amount? thanks
Quote:
On 2003-08-05 18:23, jo20 wrote:
trick stuff? I didn't put all that crap there must have said something I wasn't allowed to. anyhow my question is when you l/o and that person decides to re-fi how do you arrive at the payoff? Just deduct the pricipal and down that has been paid from the orig. agreed upon amount? thanks
Actually, the selling price should have been specified in the option contract. That amount less the option deposit is it unless you offered any rent credit, in which case, that amount would be subtracted too. The underlying mortgage, and lower principal has nothing to do with it. Those are different contracts, with different principals.
[addsig]