Posted by Bill Bronchick on October 27, 2003 at 16:22:30:
Stefanie, I am going to direct to read some of the articles on this site, particularly this one:
Lease/option - subject to - land contract ???'s - Posted by Stefanie Blackburn
Posted by Stefanie Blackburn on October 27, 2003 at 11:22:46:
I am just getting started and want to make sure that I cover my bases and do everything correctly. Would someone be kind enough to provide me with an overview of how you work your current deals with the following: Lease/Option (sandwich Lease/Option), Subject To and Land Contract.
I am interested in hearing the steps you use and the forms that are needed for each method.
Also based on the above if you had a potential deal with the following which method would you use:
I found a FSBO home where the seller is pretty motivated.(Wife is retiring and her mother is sick in Pueblo and wants to move home to her) The house is vacant and has been painted and carpeted. The current mortgage is about 170,000 with payments of $1100 a month. The property appraised at around 230,000. The owner is currently advertising it for $199,900. In pulling comps I found that the average sales price is around $215,000. In checking for rent info I found one house listed down the street being advertised for $1175 available 12/1.
Any and all input is very welcome.