Do you guys think I would have a tough time getting a buyer financed if I only have an option on a property?
can you sell them the option?
I’m meeting the Seller on thursday… but yeah, that’s an alternative if the lender cares. But I doubt a Buyer would buy the option if their not sure if they can qualify… maybe after they know they can get a loan.
I imagine I would just have to look for a lender that doesn’t require seasoning or me being on title if I don’t assign it.
thoughts?
oh i understand what your asking now.
some guy at a seminar was saying in that situation he would hold title to the property in a land trust with the current seller as beneficiary. then when you excercise your option, the beneficiary changes to you, and then when you sell it, the beneficiary is the buyer. title never changes so the lender won’t be able to tell that you only owned it for a few hours on the closing day. they won’t ask you why you just made $30k or whatever and what improvements you made to justify it.
here is some info:
http://www.escapeartist.com/OREQ7/Own_Land_Anonymously.html
the stuff i just typed might be incorrect, i can’t really remember everything he said perfectly, but i’ve got notes.
You can sell it with the option you just will need the origingal sellers to sign the contract and pay you with the proceeds of the sell
all you have to do is add a line with
Goods and services rendered ___sellers agree to pay ____ (your LLC) _____xyz amount of money.
this amont is paid on the seller side and no one cares.