Posted by JohnP SFL on March 08, 2003 at 06:58:20:
Tony, maybe I can help you?
T/B?s (tenant buyer) mortgage company asked who will handle the title. My answer should be ?I?ve got a title company?. Right?
1a)Do you have a title company that you work with? If you do thats where you want to go. You want to control your deal.
2nd question by their mortgage company. What percentage of the closing costs will I handle? My answer? I don?t know. I prefer none! What do you say.
2a) What does your original sales contract say? Did you put into the contract any percentage of closing costs to help the buyer? If not tell the mortgage comapany that you are not helping with closing cost.
Congratulations to me! And to all of you! I own a property Sub2 (subject to the existing financing) and the tenant buyer has just told me they are obtaining a mortgage! It?s my first.Can anyone help me with a few questions their mortgage company had. I told the tenant buyer that I would have to get back with my associates. Guess who my associates are . . . you folks.1) T/B?s (tenant buyer) mortgage company asked who will handle the title. My answer should be ?I?ve got a title company?. Right?2) 2nd question by their mortgage company. What percentage of the closing costs will I handle? My answer? I don?t know. I prefer none! What do you say.Thanks for all the help. It was this site that really got me moving. I would have never pulled the trigger (made an offer) for the first time a year and a half ago, if it had not been for you. So congratulations to YOU, too!Please help with what you can. Tony_IN