Her tenants have a valid contract to purchase the property, and yet she is still shopping for a buyer? What’s up? I would want to find out details of that contract. Is it valid? Enforcable? What are the price and terms, and why do they have so long before closing? Is it a lease option? Unless the contract explicitely forbids it, they can assign their contract to you (for a price), and then you could do all sorts of things with it. What would your exit strategy be here?
Pretty House, Pretty Neighborhood! - Posted by Lonnie Turner
Posted by Lonnie Turner on March 28, 1999 at 17:37:16:
I received a call from a out of state owner the other day she said that she has a 1995 2 Story house she wanted to get off her hands since she is almost 3000 miles away. She owes 118k on the property and the property probably is worth around 130k. The tenants living there has tied the property up with a purchase & sell agreement which is good thru Oct.
Is there a technique I can use to profit from this situation. Any replies will be greatly appreciated.