where can i find a lease to buy contract for the state of south carolina? found a tenant buyer for my first house...is there a link to a site that i can use? thanks....
Check out the Free forms available on this site.
Go to bottom of webpage, and click "downloads". Then click on related link, which I beleive is entitles "Real Estate Acquisitions"
Did you do any due diligence on these properties before you entered into an agreement with this investor/seller. Do you have a preliminary title report?
When you say you are sure these properties will appraise at a greater value was this off the top of your head or did you run some comps to make sure?
A $650K house for $2,000 a month then your seller must have a super low interest rate unless he owns these properties outright? I would be concerned about sending the payments to the seller in any instance when entering into a Lease Option contract.
Sounds to me like you did not do a Lease Option in the sense of the norm. What it looks like to me is you optioned these houses and hope you can re-fianance or find a conventional buyer in one year.
Thanks John for your quick reply. Glad to meet you, too. My Investor/Seller bought these properties "pre-construction" stage, he just closed with them about a month and a half ago and would like to re-sell it outright or lease option it, I really like two of his properties and offered to lease option two properties. The one with no down and $2,000/mo, he bought for $590k and is going to sell it to me at $670k lease option w/ 1year term. $670k is the current comps in the area, I did not have it appraised since it is a brand new 2005 home. My concern is can I have it recorded without his signature on the Memorandum of Option. We signed a Lease Purchase Agreement that clearly stated I would owe him $670k at the end of my lease/option term. What about the monthly payment, should I still open a third party escrow to collect payments? FYI: Investor/Seller is my friend. Thanks.
Check out the Free forms available on this site.
Go to bottom of webpage, and click "downloads". Then click on related link, which I beleive is entitles "Real Estate Acquisitions"
angel55,
Glad to meet you.
Did you do any due diligence on these properties before you entered into an agreement with this investor/seller. Do you have a preliminary title report?
When you say you are sure these properties will appraise at a greater value was this off the top of your head or did you run some comps to make sure?
A $650K house for $2,000 a month then your seller must have a super low interest rate unless he owns these properties outright? I would be concerned about sending the payments to the seller in any instance when entering into a Lease Option contract.
Sounds to me like you did not do a Lease Option in the sense of the norm. What it looks like to me is you optioned these houses and hope you can re-fianance or find a conventional buyer in one year.
John $Cash$ Locke
[addsig]
Thanks John for your quick reply. Glad to meet you, too. My Investor/Seller bought these properties "pre-construction" stage, he just closed with them about a month and a half ago and would like to re-sell it outright or lease option it, I really like two of his properties and offered to lease option two properties. The one with no down and $2,000/mo, he bought for $590k and is going to sell it to me at $670k lease option w/ 1year term. $670k is the current comps in the area, I did not have it appraised since it is a brand new 2005 home. My concern is can I have it recorded without his signature on the Memorandum of Option. We signed a Lease Purchase Agreement that clearly stated I would owe him $670k at the end of my lease/option term. What about the monthly payment, should I still open a third party escrow to collect payments? FYI: Investor/Seller is my friend. Thanks.
I hope I understood your question correctly.
1/ Write an extension / addendum
2/ Provide clause to address what happens after the 12 months. (ie. month to month lease, etc.)