jaydub 0 Report post Posted February 1, 2006 My T/B has told me they are ready to excercise their option to purchase. Is there a form for a written notification as per the agreement?Do you use a Standard P and S Agreement?How do you write in the rent credits and option consideration to be used as the down payment?I appreciate any help.Jeff Share this post Link to post Share on other sites
pilot76180 51 Report post Posted February 1, 2006 The loan officer you use will put it all together. Some lenders want a copy of the contract, sometimes they want a purchase contract. You don't need to worry about those details, because the way a lender wants it presented to underwriting is the lo's problem. Just get them to a mtg. broker or loan officer that understands lease options. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 1, 2006 Pilot is right. Make it easy on yourself and let the parties involved decide what works best for them. For example, doing business in New Mexico when I lived there was very different than doing business here in Florida. I don't know where you're located, Jeff, but you can contact the title company of your choosing and lay out the deal for them. They'll walk you through it. After all, they want your business. Or, if you are using attorneys, same advice applies. Share this post Link to post Share on other sites
mpine 0 Report post Posted February 1, 2006 1 more extra bit... Please do not make this any harder on your LO, if you are accepting payments personally, keep copies of the checks, and if your seller is the one doing it, make sure to get you LO bank statement or cancelled checks. Also foward all contracts/paperwork in regards to the loan, let the loan officer decide what is and isnt needed. Also, If you do not require your TBs to enter into some sort of credit program, I recommend having them get a myfico.com account with all 3 scores. I personally put my TB's into myfico as well as a credit repair program. As a Mortgage Broker I prefer to close my deals 90% of the time instead of the typical 20%-25% of the time most people average. To do this I work all the numbers as if they are a real loan, the payments they pay are based on 7.5% interest + tax over 30/yrs. This makes the person far easier to lend to when their is not a huge 75% payment shock. I mention this because recently I had someone want to refi into a home they are lease optioning, They bought a 700k home, and have a $2200/mo payment w/ $25,000 down. No bank in their right mind will lend to someone like this no matter the credit score if they can not afford the new adjusted payment. Mike Share this post Link to post Share on other sites
