I Took A House Sub-2 Now I Am Trying To Sell On A Land Contract
Ok so I took this house over sub 2 with about 36K left on the loan with 16 years left on a 30 year loan. I am trying to sell it on a land contract for 30 years for 65K. Alot of lawyers are giving me a hard time drafting up the land contract becuse of the original loan with the due on sale clause. My questions are do I need to just find the right lawyer who will do this, and do i have to record this land contract???
As long as the DOSC is Disclosed to the Buyer, any lawyer should do this. The American Bar Association has stated that it is sometimes in the best interests of a client to advise that client to breach a Contract (violate the DOSC). Lawyers here do wraps all the time with no thought to the DOSC. Ask the president of your local real estate club who he/she recommends.
[addsig]
Thanks I actually found a couple of lawyers who will draft this, now its just a matter of lighting a fire under their butts to get it done. One more question, do I have to record this Land Contract and would you advise I record it??
It depends on your state law. I believe in some states it is required to do so.
[addsig]
Thank you for your excellent help LeaseOptionKing, you are an asset to this forum, if I am not required to record the LC, would you recommend that I dont record it??
That is a complex question with only one answer....
........That is the way you buy houses.......
There are only 17 objection handlers that I could think of and have been asked but it still boils down to you.... The moment you say to the prospect something like "I can pay cash" they wont do the sub 2 so your presentation has to be strong and you have to be stronger...
Good Luck
Michael Quarles[ Edited by MichaelQuarles on Date 12/03/2007 ]