Posted by ken on June 20, 2006 at 20:20:42:
If you get an attorney he will take care of your end of things.The buyer should get his own attorney and get a mortgage broker or apply at a bank
selling house to lease/purchase tenant - Posted by Kevin
Posted by Kevin on June 20, 2006 at 19:17:46:
Hi,
This is my first experience with a lease/purchase and have had tenants in my property for 10 months now. They are going to be buying the home from me at the 1 year mark.
I’d rather of course avoid realtors.
It sounds basic,however, I’m not sure what exactly I need to do. We have a contract and an agreed upon price. They need to get their loan in order, and we need to find a title company. Can anyone that’s done this before tell me what else is involved, or anything I should be looking out for?
Thanks,
Kevin
Re: selling house to lease/purchase tenant - Posted by Dave T
Posted by Dave T on June 23, 2006 at 24:33:30:
You say you have a contract. Is it in writing? If not, your first step is to get a purchase agreement in writing. The lender and the title company can’t do anything without it.
If your contract is already in writing, your buyer takes the contract to his favorite mortgage lender and to the title company your buyer (not you) elects to use. Your job will be to order a termite inspection.
The title company will ask you for your name, SSN, your mortgage loan information, address where you want your check and final settlement papers mailed, and a phone number (maybe email address, too) where you can be contacted to answer any questions that may come up. Having a copy of your deed and of your title insurance policy available for the title company will also help facilitate the process.
Since the property is tenant occupied, let’s assume that your tenant buyer will cooperate with showing the property to appraisers and home inspectors when necessary.
Finally, show up at the appointed place and time for settlement.
Re: selling house to lease/purchase tenant - Posted by BTI
Posted by BTI on June 21, 2006 at 13:29:58:
Kevin
You already have the buyer, you don’t need the Realtor. I don’t know what state your in so don’t know the customs you will be dealing with. If your in a state where attorneys handle the closings and agents just do binders, then call up a few Realtors and ask which attorney they use.
If your in a state like California the title company can assist you and your buyer, remember by law they are required to remain nuetral so make sure you and your buyer are in agreement.
Some Realtors will assist you for a flat fee, $500 dollars or so, and in California, mortgage brokers are real estate licensees and will often help with the paperwork provided they are making the money off the loan.
BTI