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Mark in St. Louis

Sandwich LP question

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Michael,

 

I did a sandwich LP with a seller last Dec. i filled the house in about 30 days but have since had to have my T/B evicted.

 

I have been marketing the home with no luck so far. I am about to give up on this one.

 

My question: Can I just call the seller back and tell them i can no longer afford to pay on their vacant house and cancel my contract with them? By the way, it was for 24 months and I used your contract...as is.

 

Is there a weasel clause that will let me out of the contract?

 

Thanks!

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Hmmm...interesting.

 

One other question.

 

Lets say I send them notice today....and pay for May's rent.

 

Does that still give me the ability/right to market the home for the entire month of May?

 

And if it does, and I find a new T/B, can I then re-execute the original agreement with another notice/letter?

 

I'm sure you can see what I am driving at.

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I'm sure you can see what I am driving at.

Sure, you're trying to cut your losses and turn a lemon into lemonade.

Lets say I send them notice today....and pay for May's rent.

 

Does that still give me the ability/right to market the home for the entire month of May?

 

And if it does, and I find a new T/B, can I then re-execute the original agreement with another notice/letter?

I'm not an attorney, so don't take my word as the last, but I would think that if you send a termination letter to the homeowner you probably have relinquished your rights under the terms of the agreement to go and put another tenant/buyer in the property without the homeowners consent. However, should you find a buyer prior to the end of May, you may still have the right to exercise your option to purchase since your termination hasn't yet gone into effect. This is a matter for greater legal minds than I, Mark. I'm still working on legal ways to avoid paying taxes and parking tickets.

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What type of marketing are you doing? What does your add say? I have found that a very general add works i.e.

 

rent to own 3/1.5/1 low down

credit prob ok 50% Rent Credit

(town or area of town) call xxx-xxxx

no call after 9pm please

 

When they call (and they did for me) blame the paper for not putting the rent $ in the add. Also, give the sense of urgency, wow you are the 12th caller and this is the first day of the add.

 

A. I have someone in there but they will be out by friday would it be okay to call you back with the info? what is your name? Number? how much do you have to put down? I will call you with the address.

 

B. Get all the info name number $ down, give the address and let them call back. If they don't you can call them.

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