Posted by ken on July 17, 2007 at 18:48:38:
T he current owner is the owner.The bank and former owner simply hold mortgages.You have an option to purchase which means you have the right to purchase it but you do not have to.You are trying to sell the option which will then give the purchaser of the option the right to buy the property which they should then exercise the option and purchase the property.You need to get the paperwork from the seller and be careful about just passing it around to anybody you really want to make sure they are serious and have the ability to purchase before running them through.You need a decent relationship with the seller and let her know what you are going to do how upset can she be if she knew you were doing this to make a profit? The biggest issue you will have is you will need a buyer with cash or you will need to get creative with the seller if the buyer is looking for a bank loan