Posted by John Merchant on August 02, 2005 at 09:43:04:
This is generally a risky practice because your deal might later be attacked by that home owner as being an illegal, usurious, loan…even though you both state in writing that it’s not a loan but is a sale with option back to that seller.
Much better practice not to leave seller in the house.
Also, what makes you think he’ll pay you, since he hasn’t paid his bank?
Lease Option How To’s… - Posted by Victor
Posted by Victor on August 01, 2005 at 21:17:54:
Hi all…
I am in a position to purchase a home that is going into foreclosure and would like to approach owner about me buying the property and doing a “lease purchase” back to them. I’ve thought about just buying it, compensating them and flipping the property but owner really wants to keep the house.
What would you guys recommend me do?? Please excuse my ignorance on the subject. This would be my first venture and this oppourtunity has fallen on my lap. Advice is appreciated.