Posted by Richard NC on August 02, 2006 at 21:24:39:
Thanks John, actually met with my lawyer and ask him about this and also about a “performance mortgage” to both to which he replied he had never heard of either. So I whipped out Wendy Patton’s new book and turned to the page that discusses each and watched as he read and began to smile and said " yes we can do that as long as your seller is willing to sign". Spoke to the seller tonight and they are “willing to sign what ever you want, we just want out” taking a brand new(2005)1900sq ft home tax value $183,000 for $125,000 on a 5 year lease option $375 option consideration (payoff real estate agent) with payment off $952/month. Market rent in this area for a house this new and size easily $1200/month. Not bad for my first L/O deal. God I love this $%#@
Posted by Richard NC on August 01, 2006 at 19:07:48:
I have a lease option deal in the works and would like to “place the deed in escrow” to protect my position. Can anyone please advise on how to do this step by step. Thanx in advance, this is the best site on the net
Re: placing Deed in Escrow? - Posted by John Merchant
Posted by John Merchant on August 02, 2006 at 19:53:22:
This could be done, but only if you had an agreeable escrow co that would agree to hold the deed as agreed and deliver it only on the agreed terms.
The best escrow co. for this would be the small, lawyer owned/run escrow co. as these outfits do lots of odd or unique escrows including holding loan “draws” and other funds and paying them out as agreed.
So I’d get on the phone and make the rounds of your escrow companies until you find the one you can deal with.