Updated almost 12 years ago on . Most recent reply
land contract only option?
I have a couple who recently contacted me saying they did a lease option to buy on their current home and the landlord stopped paying so the house went into foreclosure and now the bank has it back. The bank wants them to move so that they can sell the house for 65000 to 80000. The couple can't reapply for a mortgage for a year so they want a land contract. How can I structure this deal to find them a property? I have an investor who can get just about any house with 30 percent deposit
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#3 Guru, Book, & Course Reviews Contributor
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Welcome to BP.
Depending on the lease and when it was made, the tenant has 6 months or the end of that lease so they can stay under recent fed. law. They might discuss a claim against the seller with an attorney.
Sounds like you want to be a buyer's agent if you can't buy something, do you have a license?
You might get with your investor and do a sandwich lease option, I really don't like those with new investors, but a year may not be too bad. Or, you get the option and flip the contract to the buyer and get out of the way, probably better. You can consider several options to follow but you'll be assigning a contract most likely, just get it and stand clear allowing the buyer to take a deal in a couple years. :)