Posted by Kevin Subbert on January 11, 2001 at 22:08:41:
You lost me on this one. But if your intention is for your buyer to execute directly with the seller all you have to do is assign your position to the seller. You would charge the buyer an assignment fee equal to the difference in your price to buy from the seller and your selling price.
Double Closings! - Posted by Tony Adams
Posted by Tony Adams on January 11, 2001 at 05:42:15:
Hello everyone,
I have Bronchicks lease option course and it is great stuff. Lately I have been hearing that it is getting really hard to do “Double Closings”. But, I want to ask everyone, wouldn’t it be easier to record a performance mortgage or deed of trust depending on your state so you can become a secured lien holder, and the title company would contact you for a payoff when the tenant/buyer has qualified for a loan and is ready to exercise. But, the drawback is that you will have to negotiate this up front with the seller and also let your tenant/buyer know that they will be executing the deal directly from the seller.
Any thoughts?
Tony