When a Lease Option is Excersised Then what?
Ok, Sandwich Lease.
You set up a sandwich lease up with your seller then put a tenant buyer in on a lets say 2 year Lease option.
1 Year later they decide to excersise their option to buy.
Lets say you locked the price in with your seller at 80000 and your price with your tenant buyer is 95000
They descide to buy, How does this work exactly, and is this what is reffered as a double closing?
Lets say you locked the price in with your seller at 80000 and your price with your tenant buyer is 95000
They descide to buy, How does this work exactly, and is this what is reffered as a double closing?
They get a loan, You pay for the property, they pay you, and you get 15k less closing costs. If you don't have the resources to close first then, yes this would be a double close. Locate a closing agent.
Good Luck,
Shawn(OH)
Additionally, I have a preset Title/Escrow company that is usually holding the deed. All I have to do is have the Tenant/Buyer close on the property and the title company gives me a check (they handle the mess)
I have also used a performance mortgage before to help secure my position.