Options PLEASE!!!!!!!!!!!!!!

[boater012]

If the deal looks like it will fall through, you can always lease-purchase the home to her. Give her a 1 year lease, and tell her in 10 months she needs to activate the purchase, find her own funding and close by the end of the lease. This way, she's making your payment, you get to move, and if she doesn't activate, you have 2 months to relist and sell. This option may not help you if your new purchase is contingent (sp.) on the other closing.
Along these same lines she can avoid a ton of fees by doing this if she makes your payments in her name they will let her do a refi if she makes 12 payments with her own checks. She will not have all the costs involved with a purchase. look into it as a last ditch effort! lease to her for 14 months with an option to buy!!! let her make the payments with her own checks and she is golden. (I bought my first house this way)

[locogringo]

If the deal looks like it will fall through, you can always lease-purchase the home to her. Give her a 1 year lease, and tell her in 10 months she needs to activate the purchase, find her own funding and close by the end of the lease. This way, she's making your payment, you get to move, and if she doesn't activate, you have 2 months to relist and sell. This option may not help you if your new purchase is contingent (sp.) on the other closing.
if it is just a 1 yr lease, both parties won't like the amount the home will be worth a year from now. If you were to do a lease option, I would set it up for at least 5 years, preferably 7 and tell her any equity from what you agree on today is split 50/50 when she excercises her option.
Just my opinion though.

[boatsnblondes]

Lease option is not an option.....I don't want to babysit anyone...not from 500 miles away....but thanks for the idea....

[Chubby4Life]

Lease option is not an option.....I don't want to babysit anyone...not from 500 miles away....but thanks for the idea....
It's not so much "babysitting." In the lease-purchase agreement, she takes care of all the maintinence issues. Also in the agreement, she misses or is late with a payment, BYE! Lock her into a price now, and in a year (2,3) if the value goes up, good for her, if it goes down, she won't activate the purchase, and you sell to someone else. Just a couple of thoughts for the "last ditch effort".
Hope everything goes O.K.
Chris

[ratso]

I wonder what squirtin thunder's "score" is???

[boatsnblondes]

452?

[ratso]

452?
I was thinking in the threes...

[BoatFloating]

I work for a wholesale lender. I assume she is doing the new american dream 100% finacing. With a 560 score her choices are limited if there are any at all. She will have to be full doc at that fico for sure. Then if you do find a lender that might do that score at 95-100% that rate will be thru the roof her DTI might be out of wack. At full doc at that fico we'd lend to 90% only with a 10% seller carry back.

[OCMerrill]

Along these same lines she can avoid a ton of fees by doing this if she makes your payments in her name they will let her do a refi if she makes 12 payments with her own checks. She will not have all the costs involved with a purchase. look into it as a last ditch effort! lease to her for 14 months with an option to buy!!! let her make the payments with her own checks and she is golden. (I bought my first house this way)
This is exactly how I bought a Condo 11 years ago with no up front money. We had an escrow that drew up all the terms, a claim deed filed in my name and it all rolled forward once the agreed amount was paid to the seller (the difference between the bal on his loan and the purchase price. It doesn’t matter if the home went up of down in value. All the while I made the loan payments to his bank with my check. In 18 months I refinanced the loan, deed was already in my name...and we were done.
But.........You have to wait for this to play down. I got whining phone calls about every two months from the seller to the point I had to get a bit grumpy with him. I never deviated from the agreement. It went off perfectly in the end though.

[upsman105]

I wonder what squirtin thunder's "score" is???
With FICA or with ***boat????? :rollside: