Posted by gerald-dc on July 16, 2002 at 21:55:37:
Are you selling the house to a cash buyer or are you doing a lease option where you getting an option deposit and renting the unit for a cash flow and hopefully are getting a nice chunk when the tenant/buer exercises the option?
If you are doing a lease/option sale, you should worry less about “mortgage company” and concentrate more on how much option consideration they can put up and their ability to make the payments.
If this is a straight sale, then you should focus more on what the “mortgage company” says.
Tip: that I read in Steve Cook’s flipping course and I’ve learn this to be true.
"Mortgage brokers CAN BE useful for qualifying buyers and getting them finance WHEN you are ready to sale. This is when you want them on your team. Otherwise…
Basically, when I think of a lease/option where I am selling, the mortgage broker role is limited to reviewing credit scores and qualifying tenant buyers IF and when they are ready to exercise their option.
One Man, One Opinion.