Shar NJ

Any update on this? Were you able to find a tenant buyer on this one before the 6 month lease was up?

Yes, I do in the Philly/NJ area. It makes me click a box indicating I am not a robot. Ha!

Thank you, I appreciate the quick reply MC!

Yep! Seller wants 200k, I sell for 205k and either keep the 5k or split with the seller if necessary. I'd like to set it up where a portion of the consideration goes towards the 3.5% required for FHA.

I've come across a situation I have not had before and I wanted to get some input here....I have a seller considering Chapt 7 or 13 BK. I have a TB in his property, how is this going to affect the transaction? Thank you!

Hello All! Just rereading some of the forums. This place is great and where I learned to do L/O's 5 years ago. I have been getting option consideration of $5-8k through these years, sometimes splitting it with the seller. I'd like to take bigger considerations of $8-12k and while I've never had it applied to the down payment, I think some of you are structuring it that way. How is your mortgage broker structuring it? How is it showing on the settlement sheet? Thank you! Sharyn

I thought the same, I wanted to get a more experienced opinion here. Thank you for your quick reply!

Good Morning All, Now that I've been in the business a bit I have some contracts closing and this particular one is being extended. Thank you for answering my more sophisticated questions lately. I assigned a lease and option a year and a half ago. The seller and tenant/buyer have decided to extend the agreements. The seller says she spoke to an attorney and he said because I was the original principle I will need to be involved. The seller sent me paperwork she wants me to sign: an extension of lease, option, and assignment; three separate documents. Based on the wording in the original Agreement of Assignments, I have assigned all rights to the Tenant/buyer so I don't want to be involved in the extension agreements between the two of them. Have any of you that completed a CA had to be a part of extending the agreements eventually? Thank you again, Sharyn

Also, regarding protecting everyone involved in a CA, does anyone do a title search? Thank you, Sharyn

Hello All, So far I have done 6 successful CA transactions, all with financially responsible sellers. In reviewing my business, I am wondering if I should recommend to the buyers to cloud the title with a Memorandum of Option as in the circumstance that I come upon a seller of lesser integrity/financial responsibility, we won't have a problem with other liens on the property by the time closing comes around. Any recommendations on this? Thank you, Sharyn

I use email mainly because I like everything to be in writing, plus the sellers can refer back to it if necessary; lease options are a new concept for most. I also like to be able to address everyone on the deed with the same information at once. I only talk to them on the phone if they request and have done entire transactions via email, up until it's time to get the key and endorse the paperwork. Same with buyers, I usually don't talk to them until I call on my way to confirm a showing. Both my cell and my email are on business cards, website, Facebook page, and all correspondence.

Terrific, thank you, I appreciate your help.

Hello All! I have a property that the tenant/buyer wants to close on in the fall however, it has just been discovered that the property has termites. As is outlined in the paperwork, the tenant is responsible for the repair; but they are really fighting me on this. It is a CA, both the tenant and landlord are seeking my advice....typically how do you handle it when there is a large repair such as termites or structural? I have advised both to each pay 50% but neither will agree at this time. Thanks! Sharyn

I work with a mortgage broker in our area, it was actually him that found me! He pulls all my credit reports for free, credit counsels them and then he gets the benefit of the end loan.

My husband and I have realized that we get a much better response rate if we use my email address as opposed to his. Must be Girl Power