Sandwich Lease Option--closings + Lenders--
I would like to know more about closing sandwich lease options and seasoning of title.
I have herd that there are 42 lenders that consider L/O a contract for deed. That would help me pass title. Does any one know of lender that does this?
All so closing on a sandwich lease Option. Has any one ever done that. I am running into "ohh you cant do that".
Any help would be appreciated.
Dont listen to the opinion of the naysayers. They will only get you down.
I think that you know that you get a l/o with the owner and then one with a tenant of yours. When you go to closing, you inform the attorney or title company that you are excercising your lease/option and that you are simultaneously closing with the person who is excercising their l/o. Also called a double closing. Nothing wierd or unusual about it. Just take it to the attorney or title co. they will handle the rest.
There is a big difference from just asking people theoretical questions and going through with a transaction.
When you ask the title co what happens when _____ situation occurs, they are not faced with the situation and they are allowed to say, " Oh, you cant do that" because it is only theory, hypothetical.
When you go to them and say, "here are 2 l/o s and this is what we are doing, they will say, "alright, how can we do this" and they will figure it out.
They do not want to bother with other people's what ifs.
I believe the titlte company is not the problem. I believe he is asking how to get around the seasoning issue with the lender. I am running into the same problem cashing out one of my sandwiches. Anyone got any suggestions???