What does sub2, lease options, short sale and option to buy means, Could some one explain each one pls
father-
take a look around this sight for a while.
the answers are out there, as moulder and skully used to say.
check every link on this sight and read them all.
Jim
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