Here's the scenario: Property has been listed on the MLS for 3-4 months now, offers have been accepted but buyers have fallen out for reasons unbeknownst to me. I have just purchased my first live-in flip. Therefore, I am cash poor...but I'm hungry for more :). The neighborhood where the aforementioned property is listed is undergoing a complete gentrification and will be worth 30-50k more over the next several years. I've pulled deed of trust records on the property and it looks like the seller has a mortgage on the asset in an amount 100k less than the sell price he is asking for. Is it legally possible for him to convey interest in the property to me via a lease-option? There was a clause in the DOT stating that the seller had to claim the property as his primary residence for at least a year after purchase. Purchase was made in 2011 so I'm assuming that there is no owner-occupancy requirement on his part. I guess my other option is to go get a loan in the amount that he owes on the asset from the bank and seller finance a subordinate lien with him for the difference in purchase price....
Trying to make things happen here!
If anyone has experience in this category please reach out!
A good rule to go by is
"it isn't about this one deal".
Looks like you have a few more variables than what I would deal with. You can consult an attorney for legal advice on this one or move on to the next deal. There are so many opportunities out there to be wasting a lot of time on one deal..
Armond Wright MBA, The Wright Team | [email protected] | 5672771235
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