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Top 5 Ways To Close A Lease Option When Your T/B Is Ready To Buy., Close It And Get Paid. How Do U D |
Gentillionaire
4 Posts
Member Since: 05/10/2008
Staten Island, NY
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Posted: 20:52 on 05-10-2008
There are so many ways to close your lease option. They all have pros and cons. Please tell us the way you have done it that worked for you.
Thank you.
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loon
1012 Posts
Member Since: 03/27/2003
Duluth, MN
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Posted: 10:12 on 05-11-2008
Like other deals, control is key. Lead them to your pre-selected, chosen lender, who will look at their option as if it were already an equitable position, consider their (presumably good) payment history to date, and write the loan as a refi, with lower fees and faster track.
If they try to use their own lender, be sure you're in contact with that lender early on or you'll lose control. If the Comps won't support your strike price, offer to carry a second, even a silent (no payments) second in the hopes of getting the rest later.
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LeaseOptionKing
1436 Posts
Member Since: 07/26/2004
Columbus, GA
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Posted: 17:43 on 05-11-2008
The second should have a five-year balloon (I make it for no payments/no interest), so they will be forced to refi and cash it out. If they move on to another house before then , you will get a phone call from the closing agent telling you to come pick up your check.
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"A deal is only as good as the quality of your Contracts." --Me
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newtree
104 Posts
Member Since: 03/20/2008
South Bend, IN
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Posted: 17:56 on 05-11-2008
King,
How do you still get a check if the T/B chooses not to exercise their option and move on to another house?
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LeaseOptionKing
1436 Posts
Member Since: 07/26/2004
Columbus, GA
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Posted: 19:26 on 05-11-2008
I'm talking about when they have exercised their Option but there is a gap between what they can borrow and what the house is worth (you can take back a small second to make the deal work). When they sell to buy another house (or refinance), you will get a phone call.
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"A deal is only as good as the quality of your Contracts." --Me
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