How Do I Now Avoid Seasoning Issues?
I have had a pre-foreclosure house under Lease purchase while fixing up. I had planned to find a tenant buyer, but my expenses and carrying costs have depleted my funds.
My Lease Purchase Agreement was recorded at the county.
Now, as I have found a traditional buyer, I must do a double closing.
My well qualified buyer will use his credit union to finance his purchase with large down payment.
What do I need to do to avoid seasoning issues? I will use my attorney to prepare docs for closing. Buyer has agreed to use my atty also to streamline closing.
What can go wrong and how can I avoid it?
My buyer backed out today, stating they wanted to wait until the housing market here got cheaper. I told him interest rates were going up (a friend at a major bank called me today saying they had been notified of a half point increase effective 7/20).
So--back to the bandit signs and advertising.
Thanks to you who responded. You helped allay some fears on this deal.
I was speaking of with the T/B. With the Seller, I get as long as I can, but I still get 12 months with renewal periods and the right to back out at the end of each period.
[addsig]
I should have probably caught that.
Thanks for the clarification.