Dbuddha

Contractors for bids? Are you selling these as Handy-man specials then flipping to them? Cost of construction or rehab estimator? Time Frame of Rehab? Insurance...Builder's Risk Policy works...check with your Insurance Broker (not captive to one company). You can buy, rehab, the L/O out! Good Luck Johnny

Good thing there will be no option consideration on your part. So assign them with the net prices your seller is giving you.

Sorry for the lateness of this post but I was researching the topic about repairs in the search function. My question is what about repairs above the set limit in the contract? Who will be responsible for those expenses? Of course, stuff happens that is not under control of the Seller nor T/B. For example, if the T/B took possesion and then the air conditioning system all of a sudden blows hot air in the middle of the summer, who would take care of that? Seller? Me, because I told the seller that I would take care of all the repairs? or the T/B? Would a home warranty plan be worth it for both the seller and T/B (to warranty the operation of all the equipments) for this just in case scenario?

The sellers can send a letter releasing the agent of their duties (if they have any since the home hasn't moved in 140 days). I forget what the letter is called nor can't remember where to find one. Argh!

Wow...

Hi Lisa, I don't think Fannie Mae and Freddie Mac is gong to lease purchase any home. They are secondary mortgage note buyers that sells the note via securites to investors. That is my understanding. Check out their sites to see more information.

Lisa, Being a newbie myself and please someone correct me if I'm wrong...But you can always go into contract with a "weasel clause". It's a clause that allows you an escape if you don't buy a T/B. For example...agreement is subject to partners approval and inspection. (something to this effect). Start marketing for T/B's also, this may help you to find the house that fits the need.

I'm trying to figure out if we assign a CA, do we need to notorize it? record it? Go into escrow? I know when the option is exercised, the T/B and seller will open escrow but then who willstart the process? Do I help them out? Am I off? Please let me know, I need to break out of my paralysis!! Johnny