dionwisn 0 Report post Posted June 11, 2008 My question is when closing these L/P deals what should be mentioned of the finanacing after the option period expires and the house must be purchased? I sometimes throw in that i work with a lender who can finance them in that area but its not a truthful statement. What else can i say to smooth the deal out. DION Share this post Link to post Share on other sites
-Tony- 0 Report post Posted June 11, 2008 if the option expires then no need for funding, if you mean before hand then get them started early..... Find a broker that will work with them. You might have them get in good with a LOCAL bank as well, in a year they may be able to help. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 12, 2008 Dion, if the deal in question is any kind of assignment, the financing by the t/b isn't your doing. That said, I still make a point of telling the t/b not to wait until week 51 of a one year lease to begin the search for a mortgage. Most, however, seem to do just that. In addition, I also tell the homeowner to stay on top of things with their t/b and try and prod them along. More than that, and you've gone above and beyond. Share this post Link to post Share on other sites
Gordon Holtner 0 Report post Posted June 13, 2008 Dion For starters don't make any promises that you can't keep. If you don't have a lender to work with your Tb do yourself a favor and honestly make them responsible for looking for financing. I tell people that I can't guarantee that they will get financed because I am not a lender and that if they take good care of their credit by not making large purchases with credit they will have a better chance to get a mortgage. If they balk don't do business with them because if they don't get a mortgage they might cause you legal problems. Gord Share this post Link to post Share on other sites
dionwisn 0 Report post Posted June 14, 2008 Dion For starters don't make any promises that you can't keep. If you don't have a lender to work with your Tb do yourself a favor and honestly make them responsible for looking for financing. I tell people that I can't guarantee that they will get financed because I am not a lender and that if they take good care of their credit by not making large purchases with credit they will have a better chance to get a mortgage. If they balk don't do business with them because if they don't get a mortgage they might cause you legal problems. Gord Your right promising them a lenders hand will only make things more complicated. But it does give the homeowner one less question to answer if there really trying to sell. Share this post Link to post Share on other sites