When do you catch up mortgage lates on sandwich lease option?

2 Replies

Had a seller that was 2 months late on his  mortgages. Took 4 weeks looking at my lease option, sending it to friends, lawyers and praying about it before signing it and bringing  it to me.( Tried to get it signed a couple of times earlier)  I handed him a check for $20. He asked when  I was going to make the mortgage payments current? I told him we haven't had a contract to market the house. He walked. I hate to see this go back to the bank and I know some people just are not ready to get out. When do you think it makes sense to catch up lates? Sub 2 or lease option

FMV 220,000

loans 182000

I would never make up late payments on a lease option, you don't own anything, you're only a tenant.

Have you suggested the seller contact the bank and see if they can get the payments added on to the end of the loan? They're only 2 payments behind, no need for them to throw their hands up just yet.

I agree with @Doug Pretorius   

Your job in creative real estate is to show all of the options.

I use a 3 column method,

Col 1                           Col 2                            Col 3

Sell w Agent               Rent and Wait              Sell on Terms in (Your State)

See

http://www.biggerpockets.com/blogs/3/blog_posts/40...

Promotion
Roofstock
Buy & sell single-family rentals online
Radically accessible real estate investing
Get access to exclusive property listings, proprietary data, and support to build your portfolio.
Learn More