Can Owner L/O Or Owner-finance His Property Himself?
Hi all,
Can a homeowner having trouble paying his mortgage L/O or owner-finance his property to a tenant/buyer? Will that trigger the DOS clause? The reason is that, if he can do that, then why would he need a sub-2 investor to do that? (I can think of one reason - peace of mind and not having to worry about late payments and no payments etc.)
If someone advised a homeowner to do the L/O or owner-financing in exchange for a fee, does that "someone" have to be licensed (say a realtor) to do that?
Thanks, "B".
srb,
Good question but I think we should ask the owners of the 400,000 properties that went into foreclouseure the last quarter of the year.
Why didn't you folks just lease option your property? Then we could call the lenders and say "hey call the all the loans you don't have enough foreclosures." I kinda think their plates are already full.
Basically, this is why we are in creative real estate investing, to make it a win/win for everyone. We have the knowledge and apply our knowledge to help these folks, remember they call us for help.
Their circumstances differ from deal to deal, seller to seller, sometimes when you don't have the money to run the ad to lease option your property or money to move, or even want to become a landlord because you don't have the money to fix anything if it went wrong. To many reasons to even list in one post.
If you think conventionally you won't understand if you think creatively it will all come together why they call us.
You need to walk a mile in someone elses shoes to understand why they do things, then have the correct answer when they still haven't figured it out but you have and they ask you "can you help me".
Just the way I see it.
John $Cash$ Locke
"If someone advised a homeowner to do the L/O or owner-financing in exchange for a fee, does that "someone" have to be licensed (say a realtor) to do that? "
Can you give advice? YES, however, Be careful what you 'Advise" you could be held responsible if something goes wrong!
Can you get paid for advice concerning Real Estate? ILLEGAL UNLESS A REAL ESTATE BROKER!
Thanks for the replies, guys !
The reason for the question was that could someone start a RE Consulting firm (and not be licensed as a broker) that helps such people?
As far as the "advice" part is concerned, what if we got them to sign an affidavit stating that "we have clearly explained that we are not licensed agents and homeowners know it and we are not liable for anything...just that we have provided a specific service (namely consulting) for a fee....have no fiduciary responsibility regarding the sale....etc.etc."
Just some thoughts, "B".
I think you need to be licensed. Talk to your state Department of Real Estate for free. You don't have to tell them who you are.
Could talk to a local RE Atty, ask him if he would be able to help you set it up. I don't think he will even ask you in to screw you out of a fee.