ok, new member question…
I am living in a condo with a lease with option to purchase for $465,000 and have been for the last 2 1/2 years…
The prices in my area have went way up and my condo should appraise for almost $600,000…
My purchase option allows me to assign the contract and I have found a buyer for $585,000.
How do I do this? I don’t have a high enough credit score to get a loan to purchase the condo.
Please help!
What state are you in?
Bill
Colorado
Hi,
That’s great news!
From what I see, it’s very simple. But then again, I am no expert my any means.
From what I am gathering, if your agreement is assignable, then your new buyer is the one who qualifies for the loan, not you (you aren’t buying the home, after all). The owner you leased optioned the house from will get a check from escrow for his asking price, and you will get a check for the difference between the original asking price and the new loan purchased price.
If I am right…Way to go!!!