Posted by OHSteve on February 21, 2002 at 12:16:09:
Hi Dee. That sounds like a great system. Would you be willing to share a copy of your “three months left” letter? Via e-mail would be great if you are OK with that.
Thanks…Steve
Process for getting tenant/buyer approved?? - Posted by Carey_PA
Posted by Carey_PA on February 19, 2002 at 22:24:59:
Hey gang,
I was wondering if you lease/optioners have a system for getting your t/b’s to EXERCISE THEIR OPTIONS!!!
My guy is really slacking off and he’s beginning to make me a tad bit angry!
SO for the future what process do you guys use?? A letter in the beginning?? A phone call every month?? or what??
Thanks,
CAREY
OK, here’s the jest of the letter - Posted by Dee-Texas
Posted by Dee-Texas on February 21, 2002 at 14:55:11:
This letter is for a good T/B’er. You can extend the option or not, this is just one of the letters I have written.
disclaimer: I AM NOT AN ATTORNEY, NOR DO I PLAY ONE ON TV.
CONGRATULATIONS!! The time you have looked forward to. Owning your own home, you?ve worked hard to rebuild your credit. The next step is finding a bank or mortgage broker for a loan on your home. I noticed that your option expires by May 4, 2002. You need to start immediately shopping for a home loan.
We have many banks here that can assist you in your home purchase.I would be glad to give you a list of the ones I know, this doesn’t mean that they are the only ones you can use. If you need any help with the completion of paperwork after you have contacted your loan officer I will be glad to help. Be sure and take all copies of your rent receipts, pay stubs, and tax returns when you talk to your loan officer. Feel free to have them call me for references.
I will be looking forward to your call in one month from today, letting me know that you are working on a loan. If I have not heard from you by then I will assume you will NOT exercise your option to buy the home at 101 Ragland. Which will mean that you will be moved on or before May 1, 2002.
I have enjoyed having you as a tenant and watching your move up to home buyer. If you require any help with paperwork or need receipts please call DGH Home & Property Solutions LLC at 940-549-0081.
My two cents
Dee-Texas
Re: Process for getting tenant/buyer approved?? - Posted by Kent C
Posted by Kent C on February 21, 2002 at 04:24:05:
You might post on the Financial Forum and line up lenders for people with credit problems. If you offer the T/B’ers financing, they might bite.
Kent C
Re: Process for getting tenant/buyer approved?? - Posted by Dee-Texas
Posted by Dee-Texas on February 20, 2002 at 07:23:54:
The process STARTS when you sign the T/B’ers. I use Bronchicks contacts in his contracts in bold face, it’s states that…(this is the condensed explanation) just because they can’t qualify for a loan you may terminate the option. I also add in the contract that I will or will not extend the option. If I do it’s for the same or more option money for the next go round. BECAUSE I took my house off of the market with their promise they would get a new loan and cash me out. I send them a letter three months before the option is up (a friendly letter, offering to help with filling out the paperwork for the loan, etc). Then a letter each month until the last month, stating that since I have not heard from them (and I don’t want to entend the option) they have 30 days to move. If you let them go over or take money after the option expires then the contract is a month to month rental agreement.
So stay on top of things, it’s YOUR property until they excercise their option. PROTECT your interest.
Read your contract and send a copy with highlights to T/B’er, asking them to respond to your letter within 5 days. Telling them in the letter if you do not hear from them then…30 days to move.
Best Success,
Dee-Texas
Re: Process for getting tenant/buyer approved?? - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on February 20, 2002 at 24:51:02:
Choosing the right T/B’er is your call and you have to be ready in the event they don’t excercise. You can talk to each of them when they sign the contract to get a feel for it, you can check their credit to see how things are going, their references to see if they stay in the area; but it still comes down to it that sometimes they don’t excercise.
If they are not going to excercise their option and they don’t want to get another option, you might want to put it up for sale again while they are still there. That way you will have someone lined up to take over when they move out.
I suppose you could put it up on the market when you give them their 30 day move out notice or whatever time span is required per your contract and/or local laws.
Good idea! - Posted by MoniqueUSA
Posted by MoniqueUSA on February 23, 2002 at 18:39:35:
Thanks for sharing!
MoniqueUSA