another lease option question - Posted by David MacGown

Real Estate Investing
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Posted by Eddie Montalvo on May 25, 1999 at 22:18:08:

David,

The answer to your question is “no”. You are leasing from the sellers with an option to buy. If you are looking to buy the house you need to get a loan before your option expires, or you can do it creatively by taking the mortgage “subject-to” or putting it in a land trust and taking it over. If you do not understand the last two terms there are plenty of “How to Articles” that talk about them. If you are looking to put it under a L/O to then sanwich L/O it to somebody else, you do not need an assumable loan to do this either. I hope this helps.

Good luck,

Eddie

2

another lease option question - Posted by David MacGown

Posted by David MacGown on May 25, 1999 at 21:44:47:

I was talking to a broker in my area. He seemed to be a real straight shooter. He’s also an investor and is open to creative financing. His philosophy is “whatever gets them in the house” When I told him of my interest in finding my niche with lease options,he said it would be very difficult because there arn’t any assumable mortgages left anymore.

Do you need to have an assumable mortgage for a lease option?