Rent to own/Land Contract questions - Posted by scott in the burgh

import · September 19, 2005, 2:12pm

Posted by KPC on September 19, 2005 at 16:03:06:

I am with you, backdating doesn’t sound quite honest. I am surpised (?) that a mortgage professional would ask you to do that.

import · September 19, 2005, 2:12pm

Posted by scott in the burgh on September 19, 2005 at 14:12:44:

Hey all-

I have a rent to own tenant buyer ready to cash me out…

Her mortgage broker is stating that we need to change the option agreement into a Land contract and back date it, so in essence the buyer will be refinancing the property. It’s alot easier to get her to purchase the property this way, according to him. I understand where he is coming from, but what ramifications does this have on me?

Couple of things…

If for some reason, she does not get approved I have this signed Land contract sitting out there and the tenant buyer could sue me and state that she owns the property, although nothing was ever recorded.
Does this mean NO closing costs for me since this is a refinance and not a purchase?

I just don’t like the idea of back dated stuff on paperwork…

any thoughts…

thanks,
scott in the burgh

import · September 20, 2005, 9:02pm

Refinance the Lease Purchase - Posted by Young Jedi

Posted by Young Jedi on September 20, 2005 at 21:02:53:

Some lenders can treat a lease purchase deal as a refinance.

They might be hard to find in your area, but they are out there.

Check out: http://www.freddiemac.com/sell/expmkts/lease.html

import · September 20, 2005, 1:57pm

Find a new Broker! (nt) - Posted by Scott (UT)

Posted by Scott (UT) on September 20, 2005 at 13:57:55:

Find a new Broker.

import · September 19, 2005, 9:56pm

Re: Rent to own/Land Contract questions - Posted by Levi

Posted by Levi on September 19, 2005 at 21:56:22:

This sounds like something that could get you into a lot of trouble. Tell your buyer to find a different (honest) broker.