Posted by Bud Branstetter on November 28, 1998 at 21:21:35:
Yes, that’s write, you get an option. If they are willing you can set up an option contract or a purchase contract that says you will close in a year. You record a memorandum on your contract and your position is somewhat secured. In order to determine what kind of loan you can get in what time period you need to be talking to a good mortgage broker. You could also buy on owner financing and have them sell some payments to receive cash. If you think you can, or you think you can’t, you’re right.