What does sub2, lease options, short sale and option to buy means, Could some one explain each one pls


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Howdy Father -Time:

Here is the short version:

Sub2: You get deed and the sellers loan stays in place and you make a promise to make the payments.

Lease option: You lease a house for say three years and you have the option to buy the house at any time during the lease period usually at a set price. You can be the owner and give someone a lease with option to buy as well.

Short Sale: Usually the owner is in default on the loan and owes more than the property is worth. You sign a contract with the owner and try to get the bank to discount their loan.

Option to Buy: Just like in stocks you have the right to buy at a certain price but not the obligation. In a way an earnest money contract is just an option with the consideration or cost of the option being the earnest money. Actually new contracts have an option period where for a set option price and set time frame the buyer can terminate the contract at no other obligation or cost.

Hope this helps explain the various terms. LOL