I think what Mark is meaning is TITLE seasoning. As you know in a Sandwhich position you are not on title, so when it is exercise it is what I would call a “LONG TERM FLIP”…lol one way to look at it is to take back a note for your back end or sell your position back to the seller. This is theory to me but I think it might work. Maybe a management fee on form of a note…? and collect it at closing? I think Rick Wheat had an Idea a few weeks ago about this problem but I cannot remember
Re: Question on Sandwich lease options? - Posted by Jim IL
Posted by Jim IL on September 28, 2000 at 18:05:14:
Mark,
My mortgage broker has been able to use lenders in the past that did not care.
But, on one recent deal, the buyers were able to get a MUCH BETTER rate from one lender, however, this lender had a problem with “title seasoning”.
My attorney just had all partied agree to re-write the agreements.
We had our buyer buy directly from our seller, and on the HUD1 there was a line that paid us a “Fee”.
I’ll look at the file later to see what the wording was, I cannot recall now.
But, we got paid, the seller was cashed out, and the buyer has a new home.
Worked like a charm,
Jim IL
P.S. another cool aspect was that my seller was out of state, so my attny got them to give me P.O.A. to sign for them at the close.
He then fed-exed the funds from closing to them in New Jersey.
Re: Question on Sandwich lease options? - Posted by Karon Gregory
Posted by Karon Gregory on September 27, 2000 at 16:52:41:
Do you keep copies of all the checks you recieve on your lease options? If I am understanding your question, showing the new lender these checks will prove where the monies came from and when.