Selling - Posted by Geoff in OK

Posted by Ronald * Starr (in No CA) on July 17, 2003 at 12:51:18:


Nice to talk to a fellow owner of property in OK state.

You need to check with the homeowners’ association people.

I’d suggest you first inquire about people who have a deed to their home, but owe money to the bank. Is that ok? Of course, the answer will be yes.

Then talk about the person who has a contract for deed, which is common in OK. Is that ok, the owner has the contract, but not the deed, and had financing from the seller.

Then move into a lease/purchase situation. And, I suggest a lease purchase rather than a lease/option. With the lease purchase both parties are committed to the agreement. It is not one-sided as is an opinion. You could write in some circumstances whereby the purchaser could pull out of the deal without major penalty. But have the agreement look a lot like an agreement for deed, in my opinion–contract for deed.

Also, try to screen stongly so that the leasee/purchaser is very likely to close on the deal.

Good InvestingRon Starr*****

Selling - Posted by Geoff in OK

Posted by Geoff in OK on July 17, 2003 at 10:41:17:

I have a house I would like to sell on a “rent to own” basis. I know that the option part of this agreement will not be filed at the courthouse. The house is located in a development with covenants that say “owner-occupied” only. Is this a recipe for disaster with the HOA, or if I show them the option agreement will that quite them down?