Posted by Jay on June 22, 2001 at 13:43:37:
Assign it to your T/B and if she doesnt have all of the assignment fee, create a note for yourself. Hope this helps.
Jay
Sandwich Lease Option - help - Posted by kf_az
Posted by kf_az on June 22, 2001 at 12:30:50:
I know this question has come up in some variation or another in the past…but, I still need your help. I wrote a deal(sandwich lease option) 2 years ago when there wasn’t as much difficulty(so it seemed) in doing a simultaneous close. I explained the situation to the T/B’s mortgage broker(a friend of theirs who never heard of this type of deal). She got back to me and said she checked with several lenders and none of them would be interested in funding this deal. She(mortgage broker) wants me to tell her what lender she can go to that would be more open to funding these types of deals. So, if any of you know any national lenders or ones in CA that wouldn’t have a problem with a simultaneous close where I have not owned it for a year…please let me know. She asked if I would be interested in working it out with the seller whereby she(the seller) simply pays me off the record for my profit. I just hope there’s a better way to solve this. By the way, the T/B would not be able to come up with the money out of pocket to buy(assignment) my option from the seller since they already gave me option money 2 years ago.
Any help on this would be greatly appreciated.
KF
Re: Sandwich Lease Option - help - Posted by jeff
Posted by jeff on June 22, 2001 at 23:17:38:
I just went through this EXACT same scenario-(2.5 yrs). Finally closed it by having the seller deed directly to the buyer (that’s the way the lender wanted it). Had the seller sign a release of funds (equity) at the closing.Can’t give you any specific info about any lenders however. Boy, was I glad that was over! Sandwich deals are great in seminarland, but try closing them in the real world. Lender, after lender, after lender…
Re: Sandwich Lease Option - help - Posted by JPiper
Posted by JPiper on June 22, 2001 at 13:52:03:
Assign your option back to the seller in return for a 2nd mortgage on the property representing the difference between your buying price and the selling price to the tenant buyer.
JPiper