Posted by GJ on March 26, 2000 at 21:49:47:
Joe,
What do you currently pay to escrow these?
Thanks,
GJ
LEASE/PURCHASE-is it really NECESSARY to use…? - Posted by Josh
Posted by Josh on March 26, 2000 at 14:49:37:
Is it really necessary to use Title/Escrow Co. for L/P, or can a T/B themselves, have a notorized agreement recorded, as well as recording a mortgage to secure performance of your L/P Agreement, so as to be a leinholder? Or is it just more official with an Escrow co?
Thanks,
Josh.
Re: LEASE/PURCHASE-is it really NECESSARY to use…? - Posted by Joe Kaiser
Posted by Joe Kaiser on March 26, 2000 at 16:27:31:
When I’m selling, I like having an escrow/collection company involved. That way I don’t have to worry about making the mortgage payments. We set it up so the tenant’s payment comes in, all the monthlies go out, and the balance is direct deposited to us. Just getting paid and not having to sit down and write mortgage payments is a big deal in my book.
Additionally, I can be tempted to do dumb things like waive late payments if you catch me in the right mood. The contract collection company knows no such compassion. Plus, it’s easy to cancel the tenant/buyer’s interest when a third party isn’t receiving timely payments, or acknowledge rent credits when they are. As a result, I no longer have to save envelopes (the postmark is important in our scheme of things).
When I’m buying, I’d rather to all the legwork and “escrow” the paperwork in my own file cabinet.
Joe