Posted by Ronald * Starr (in No CA) on July 17, 2003 at 12:51:18:
Geoff–(OK)-------------
Nice to talk to a fellow owner of property in OK state.
You need to check with the homeowners’ association people.
I’d suggest you first inquire about people who have a deed to their home, but owe money to the bank. Is that ok? Of course, the answer will be yes.
Then talk about the person who has a contract for deed, which is common in OK. Is that ok, the owner has the contract, but not the deed, and had financing from the seller.
Then move into a lease/purchase situation. And, I suggest a lease purchase rather than a lease/option. With the lease purchase both parties are committed to the agreement. It is not one-sided as is an opinion. You could write in some circumstances whereby the purchaser could pull out of the deal without major penalty. But have the agreement look a lot like an agreement for deed, in my opinion–contract for deed.
Also, try to screen stongly so that the leasee/purchaser is very likely to close on the deal.
Good InvestingRon Starr*****