Posted by Redline on August 09, 2003 at 23:10:45:
Alot of people do it, but I am very uncomfortable allowing the owners to remain in the house after I’ve come out of pocket with any money.
Are the sellers due any money from this deal? If I had to let them stay, I would take it subject to and they would not get their share until they were out and yes they would make the mortgage/tax pmt that month.
RL
How do I buy but let them hang around… - Posted by WaynePa
Posted by WaynePa on August 09, 2003 at 22:42:38:
around for another month or so? I have a prospect in a great area and the seller is very flexible with one catch: they won’t be ready to go for another month. They are rehabbing an inherited house that they will be moving into, but the house won’t be ready until the end of September for the earliest. Should I sub2 and have them pay the mortgage payments while they are in the house? Is there a better way to do this that I am just not seeing yet? All advice is appreciated. Thanx.
Wayne
Re: How do I buy but let them hang around… - Posted by IB (NJ)
Posted by IB (NJ) on August 10, 2003 at 08:29:31:
I like Redline’s suggestion. Keep their profit (or a good portion of it) in escrow while charging them enough rent to cover the piti payments.
Re: How do I buy but let them hang around… - Posted by Arthur
Posted by Arthur on August 09, 2003 at 23:11:39:
Depending on how good the deal is, i wouldn’t be too pushy as they are in the position that they do not have to sell straight away.
As i see it, you have 2 ways to handle this, buy the property letting them live in it, and charge them whatever their current payments are, or, get them to sign a water tight contract. Just tell them theres another place you are interested in, and that you need some kind of reasurance as you don’t want to find out a few weeks down the line that you don’t have anything to buy.