Contract for Deed / Sandwich Lease Question - Posted by Lee Allen

Real Estate Investing
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Posted by gerald(tx) on January 14, 2008 at 24:17:45:

Several mortgage broker don’t know how to get the tenant financed because YOU don’t own the property? Ridiculous!

All the broker has to do is get a loan committment then turn it over to a title co. They and their attorney will take care of the paper work properly to get title from your seller to your buyer. (with you being paid in the middle.)

You shouldn’t have to be worring about this - it’s their problem, not yours. Regardless of complicated any transfer is, they will not throw up their hands and pass their fees.

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Contract for Deed / Sandwich Lease Question - Posted by Lee Allen

Posted by Lee Allen on January 13, 2008 at 16:58:36:

I have talked to several mortgage brokers that don’t know how to get around this issue.

I contracted with an home owner several years ago to buy their property on a contract for deed for $140,000.

I put a tenant/buyer into the property and they are ready to excercise their option to purchase the property for $180,000.

Several mortgage brokers say that since I do not own the property that they don’t know how to get the tenant financed.

Should I just create a second lien against the title for my equity and just get a check like I am a lender?

Thanks,

Lee