Hello everybody
First I am a big fan of this forum and you guys are the reason why I am so motivated and don’t give up when ppl say NO.
I am a newbie. Been in the learning process for some time now and FINALLY I took action. :biggrin However it seems that
after all that reading and learning I should know some but I am so excited that cannot even answer simple questions to myself. :banghead. So maybe you guys can help me out and put me on the right track.
I have a motivated seller that wants to sell her house with LO. And I want to do Cooperative Assignment.
This is what I’ve got so far: The purchase price is 132K. 2 bedr.2 bath. (The price sounds fear for the area however I dont have an address yet and haven’t been to the house yet so will have to determine that monday).
She wants $1100 a month to cover mortgage.
She is asking me if the T/B would be handing rent over to her or would T/B pay the mortgage company? (I know it is a simple question but because this is my first deal I am not sure. HOW DO YOU GUYS DO THAT?)
Also she said that she is already been pre-approved for her new house (her husbands grandparents old house) but she needs some equity from the house to use it as a down payment.
“”" If the deposit it large enough, and assuming that they are forfeiting it should they change their mind, I suppose it could be used as an advance on the equity we’d get from the sale?“”“” WHAT DOES THAT MEAN?
I should mention that she used to work for ‘’‘’‘’‘’ Properties so she dealed with multifamily leasing, but single dwelling is new to her.
I will be meeting up with her at the house on Monday to discuss details. Let’s say we agree on the terms, should I sign a contract with her right away? And what contracts do I need? Lease Purchase and Cooperative Assignment? Where can I find them?
Sorry for long post and a lot of questions. I hope you guys can help me out.
Thanks a lot a lot.