Sandwich Lease Option - Posted by kf_az

Posted by Terry(IN) on June 22, 2001 at 13:36:17:


What is your purchase price? What is the appraised value? Do you know what your T/B’s credit score is? Does your T/B have any down payment money? Have they been accumulating any credit toward down payment from the monthly payments. Have their payments always been on time? If you can answer these questions, maybe someone can help you.


Sandwich Lease Option - Posted by kf_az

Posted by kf_az on June 21, 2001 at 17:34:40:

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.
Any help on this would be greatly appreciated.