How Do I Close This Option?
We found a house which needs TLC. There is not enough room to rehab and turn a profit but there is enough room to discount and retail sell the house. My question come in here: We want to get an option and turn and sell it to an end buyer but how do we do this? The end buyer does not have the cash to buy out our option, and the mortgage company wants a seasoned title so we can't register our deed then sell. It has to transfer from seller to buyer directly. How can we get this deel done? Please give me some ideas.
Thanks
Sire
Can you give a little more info? What are the numbers, etc...
td
Here are the #s
Arv 155K might could push 160K
repairs 12K
owes 129K
Was going to retail it @ 140K I know it would be a tough sale but he won't "sub 2" or just walk off. Not enough room to cash purchase. I just need to know how we can get an option and sell bellow retail and NOT have the closing problems? Need some ideas.
Sire
Sire
are you fixing up the house? If so, If you have a buyer you can record a homeimprovement lien with your option money and get paid at the close. you just have to give the closing attorney the payoff.
Or you could transer it into a trust with the seller and you have the beneficiary interest in the property.
That is two ways that will allow a transfer within 12 months
Lori
[addsig]