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randian

Lease Options in Texas

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The seller supplies the loan info, submits an Auth to Release to the lienholder.

Do you have to wait for an actual response from the lienholder? And what address do you use, the payment address probably isn't the right one. Also, what about 5.085-b-3?

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The seller contacts the lienholder, not me, since I'm not the seller, so the seller can contact the mtg company, and fax them the release as well

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Hi everyone I was wondering if anyone here from texas has bought or heard of the leaseoptionsintexas dot com ? It seems to be a guide to doing them in the state. Just want you guys opinion if you have it thanks.

 

Avery

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I briefly reviewed the guide after someone sent it to me, and it seems like I saw a couple of errors in it (such as stating that the lienholder has to give written permission that they will allow a lease option on the property) but it also discusses contract for deed, which is part of the confusion some people have, so in my opinion they should have made that a separate book to avoid the confusion. but it has some info that can help people.

 

Despite my anti DVD views, I have given very serious thought to actually putting out a ...hold it...wait for it...a CD that contains contracts specific to TX law, as well as an audio of me explaining how it all came to be, and how some of the law goes back to the tornado that hit downtown in 2000.

Since the guru's don't want to touch TX, I figure, who better than me, right?

It'll be a couple of months but that's going to be my next project.

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I briefly reviewed the guide after someone sent it to me, and it seems like I saw a couple of errors in it (such as stating that the lienholder has to give written permission that they will allow a lease option on the property) but it also discusses contract for deed, which is part of the confusion some people have, so in my opinion they should have made that a separate book to avoid the confusion. but it has some info that can help people.

 

Despite my anti DVD views, I have given very serious thought to actually putting out a ...hold it...wait for it...a CD that contains contracts specific to TX law, as well as an audio of me explaining how it all came to be, and how some of the law goes back to the tornado that hit downtown in 2000.

Since the guru's don't want to touch TX, I figure, who better than me, right?

It'll be a couple of months but that's going to be my next project.

 

 

Thanks for your reply John and that CD would be a big help to Texas investors doing lease options.

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The seller contacts the lienholder, not me, since I'm not the seller, so the seller can contact the mtg company, and fax them the release as well

 

Just to clarify: my understanding of 5.085(b )(3)(C )(ii) the lienholder: ... consents to ... accept payments directly from the purchaser if the seller defaults on the loan;

John -- if the seller does NOT contact the lienholder and/or is UNABLE to secure the lienholder's consent to accept payments directly from the purchaser if the seller defaults on the loan, then it seems to me that even if the seller does NOT default, that this would still be considered a violation of the section which can subject the seller to the nasty subsection ©.
Am I understanding this correctly? And if so, can you please share some specifics of how you let the seller know this? And of how often such consent is actually secured from the lienholder?
I am thinking of contacting you to buy your contracts and/or enroll in your LOC... but getting a comfort factor that this section is not a problem is my primary obstacle right now: I don't imagine that the lienholder/ servicer is going to respond to such a request for consent, leaving the seller at risk should the purchaser decide they want out and start "rocking the boat"...
Also, does your purchaser record the option on the property records?

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We don't record anything and the seller's and assignee don't record anything, although they could if they wanted....

Let's take a step back...

Subject -2...

This is where you take control of the property "subject to" the existing lien and the terms there of.

What is one of the first things you do with a Sub-2?

You get an Authorization to Release Information and submit that to the lien holder.

Same thing, except, in this case the seller is submitting it with the Assignee's information.

 

But let's now take it a step further..

If the seller is late or goes delinquent...the law states very clearly that they are under default of the law...not you...

But again...I don't deal with loser sellers, and that's why you see nice houses on our website.

I've had sellers that I've talked to or met and I know JOHN.....RUN AWAY!!! and I did.

I don't have time for their crap...

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