Posted by Craig-SoMD on February 02, 2003 at 22:07:57:
The way I would do it is by asigning the contract, basically selling your LO to someone else for a fair price. An example I have been working with is a major rehab job. I lock up the property with a LO, no payments for ninety days, low monthly lease payment after that, seller getting paid off at the option price we set up front. Then I offer the contract and terms I locked up to someone that actually wants to do the rehab for whatever I can get, say $2000. The rehabber wins because they can get in light and may even be able to retail the property with the creative terms of whatever is left over from the LO. Seller wins, I win, rehabber wins, and tenant-buyer wins. That’s the way I like to do business.