Posted by Mark on July 08, 2002 at 18:06:30:
Colorado.
If you can help, I’d appreciate it.
Mark
Lease/option refinance - Posted by Mark
Posted by Mark on July 08, 2002 at 16:34:34:
I’ve done a couple closings with a mortgage broker here in town. She says she has been in the business for 15+ years and knows all the “creative” ways to buy and sell. Yet, when I brought up the idea of lease option and refi, she said no one can do this because in order to refi, I need to be on the title. However, in Bronchick’s material he says “Some lenders treate a lease/option as a sale and will treate the tenant/buyer’s loan as a refinance, not a purchase”. The goal for me would be having the lender lend based on the appraised value of the property and not the purchase price.
Can I educate her (and if so, how?), or should I find someone else to work with?
What has your experience been?
Thanks
Re: Lease/option refinance - Posted by Brian M. Powers(MI)
Posted by Brian M. Powers(MI) on July 08, 2002 at 16:50:00:
it can be done and is done all the time. what state are you in? i might be able to refer you to a lender who can get the deal done.
BMP
Re: Lease/option refinance - Posted by BoY
Posted by BoY on July 09, 2002 at 06:47:36:
Brian,
Do you also know someone here in Houston that does this?
BoY