Welcome to Lease Option Group'sTM New Blog. We are very excited about providing you with the most up to date information concerning Owner Financing and Lease Options, as well as a lot of Real Estate related article's in attempt to educate and provide several options for your to be able to make an educated decision on what best meets your needs and wants. Lease Option GroupTM is very dedicated to helping America RE/GROW and are always networking outside our area, so any service providers and/or Real Estate Agents throughout the United States who would be interested in working with Lease Option GroupTM, please contact us and express your interest in assisting us in our attempts to expand Nationwide. For our friends and clients, thank you for your support and commitment to our cause, and for you the reader, thank you for visiting our blog, we hope that you join us on our journey of proving to Americans that "You Can Be A Home Owner!"
Hello David,
Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to you!
-Keith
Welcome to the Active Rain community. This is a great site with lots of information. Have fun with it and hope to see more of your blogs soon! We have a team of three outstanding full time agents to assist your buyers and sellers in Spartanburg/Greenville, SC. Let us know if we can ever help. Again, welcome to AR!!
Hey David, and Welcome to the Rain!
Kevin Sandridge, here.
I joined the Active Rain community not too long ago myself and wanted to drop a line to share some of the good vibes and welcome wishes I have received already.
If you haven't signed on with Twitter.com, please do! I'd be honored to have you as a follower there! Click on the big Twitter logo to visit my page!
A Bit About Active Rain
I'm very excited about this community - basically because folks seem so willing to help out, provide industry insight, and share their good news and experiences!
When I started out on Active Rain, I felt a little overwhelmed. I hope the following points and suggested sites will help bring you into the mix! Just my way of saying that I'm glad you're here.
-------------------------------------------------------------------------------------------
One: Be sure to include a good amount of information on your profile page. Check out the profiles on other Realtor's sites here on Active Rain who are listed as "Featured" or "Tops" in their area (look for high point totals). You'll find that this will seriously boost your presence on ActiveRain - via the added points.
Two: I urge you to keep blogging on this site! You will be AMAZED at the awesome feedback you receive very soon after they hit the network! I use Google Reader to subscribe to blogs that provide me with ideas about what I'd like to comment on - both industry wise and just for fun! Check it out. I am more than willing to step you through the site and to help you get a few more blog posts generated if you wish - as a way of adding some value and paying forward some good networking vibes! :)
Three: Be sure to add in a good number of posts about what you think and consider pertinent regarding your area of expertise! You'll notice that many if not all of the Featured posting bloggers here on AR do this.
Lastly, I do quite a lot of work via social networks, email campaigns, and relationship building. If I can ever be of any assistance, don't hesitate to ask.
Here are a few great sites to visit (some of my favorites). If you like the information they provide, be sure to let them know I sent you!
- Bloodhoung Blog - Greg Swann, Bloodhound Realty (They also offer a FREE RE Blog Service!) Note: These guys are way, way, way ahead of the curve. Hold on tight. It's gonna be a wild ride!
- Real Estate Tomato - site maintained by Jim Cronin. A must see for new Real Estate Bloggers!
- Seth Godin's Blog - The Reigning Permission Marketing Guru. Check out his latest book, Tribes!
- The Real Estate Zebra - Daniel Rothamel is a one of a kind inspiration in the Real Estate Blogging arena. Do yourself a favor and check out his site.
- Jeff Turner's Main Page - Jeff is always on top of what's happening in the world of social networking and media! Absolutely make this page a part of your learning experience!
- Twitter - Twitter is a micro-blog that lets you keep friends and contact posted on what you're doing throughout the day. I use it all the time, and so do many others in our profession. Read this article I wrote on using Twitter to find out why it might add to your bottom line!
- The Florida Mortgage Blogger - Ok - so I had to plug my own site! Check it out. Would love to have you on as a subscriber!
Looking forward to what you'll share with us here on Active Rain! :)
Blessings,
Kevin Sandridge
Winter Haven, FL
Congratulations on joining Active Rain. This is a great professional networking and referral site. Our Team is working here in the Spartanburg / Greenville areas of South Carolina. We would be thrilled for any referrals you might send our way - or any referrals that we could send to you. Hope you enjoy this site as much as I do.
Hi and welcome to Active Rain, a great site to network, share, learn, and have fun. Good Luck. If you ever need an agent in the upstate of South Carolina, please call me.
Welcome to Active Rain. It just gets easier after your first blog. Just write about what interests you. Give us a call or an email if we can be of service to you! We can fix most anything, our rates are reasonable and we show up when promised.
Hello and welcome to Active Rain! I encourage you to learn from others, share your knowledge and experiences with all of us, enjoy yourself, and try to log in and join us in the Active Rain community as frequently as possible. I look forward to your future blogs and comments! Take care, --Kirk.
I was wondering if there is anyway I could get some feedback on the following situation?
Over the last few months I had entered into a sales agreement for the purchase of a Condo-prior to closing my lender had discovered the property could not be financed due to Federal lending Guidelines-an investor owning more the 10% of the complex. After a ton of research, I discovered the only way to financing the property would be to use seller financing or buy with cash (not a possibility.) I analyzed the situation thoroughly and feel that the purchase price is low enough I am comfortable taking the risk of utilizing Seller Financing. The Seller has written a contract and I am now a little confused and am not sure of what it means exactly-or the implications. I have a Broker I am working with and he does have a degree in Real Estate Law but could only give me so much advice as my agent. The following is the Sellers Contract as well as my revised proposal to send him. Any help is much appreciated-I am at a loss!
This would be a contract sale to the buyer under the following terms:
-Price: $89,900
-Down Payment: $4,500
Loan: $85,400, 6%, interest only until July 2010. (that is when my loan goes variable)
-Close Date: On or before April 29th 2010
-Buyer shall refi and officially close with transfer of title by July 2010. Sale terms at that time will be:
1. Price 89,000
2. Deposit: Paid/none
3. Closing costs: Per local custom (no credit of $3,500)
4. Includes furniture
5. Title shall transfer
- Buyer shall pay Seller for all associated ownership costs, increased costs or special assessments (Taxes, Insurance, HOA etc.) Seller shall then pay all costs for Buyer. (We can set up an Escrow account if necessary)
-Total "all-in" monthly payment to seller will be $900/month
-Buyer to pay direct all utilities, cable, services and any repairs to the unit
-Buyer will maintain the unit and furniture in clean standards. Seller (or Seller's agent) shall have the right to inspect unit one time per year or more frequently if there are HOA complaints.
-We need to investigate if the Buyer will need additional insurance for contents-I will call my agent tomorrow
-Should Buyer default on the agreement, Seller will give written notice and will enforce remedies + penalties If Seller has to evict, deposited is forfeited
-Should Sellers lender, HOA or any other entity created/file a default due to contract sale, then Buyer will get their deposit back and Buyer will move out.
-If Seller defaults on agreement then Buyer will get their deposit back
-Buyer to allow Seller to run Credit Report and Background check
-All other terms to be detailed after discussion with Attorney
Revisions to Contract Sale: 4/16/10
1) Price: 89,900
2) Down payment $4,500
3) Loan: $85,400 Interest rate ½% above Sellers current interest rate
4) Close date-On or before April 29th
5) Buyer to refi and officially close with transfer of title by July 2020-Buyer will be responsible for variable after July 2010. Sales terms at that time will be:
A) Price $89,000 less Principle balance made to Seller
B) Deposit (Down Payment) Paid/none
C) Closing Costs: per local custom
D) $3,500 credit fro Seller
E) Includes Furniture
6) Buyer shall pay Seller for all associated ownership costs, increased costs or special assessments (Taxes, insurance, HOA etc) Seller shall then pay all costs for Buyer (We can set up an Escrow account if necessary.)
7) Total "all-in" monthly payment to Seller to be $733.33 a month
8) Buyer to pay directly for any utilities, cable, services and any repairs to the unit
9) Buyer will maintain the unit and furniture in clean standards. Seller (or Sellers agent) have the right to inspect unit one time per year or more frequently if there are HOA complaints
10) Possible content insurance, Seller Contacting Agent
11) Should Buyer default on the agreement, Seller will give written notice and will enforce remedies + penalties. If Seller has to evict, deposit is forfeited
12) Should Sellers lender, HOA or other entity create/file a default due to Contract sale, then the Buyer will get their deposit back
13) If Seller defaults on agreement, then the Buyer will get their deposit back
14) Buyer to provide a recent Criminal History Registry and Credit Report from UMPQUA bank
15) All other terms to be detailed after discussion with Attorney
16) Seller responsible for original agreed upon Buyer/Seller Broker Commission
Questions:
1) When would first payment be due?
2) Who receives tax benefits?
3) Am I able to rent property prior to obtaining title and/or am I able to rent from Seller if financing is unable to be obtained?
4) How are the fees to the Escrow Company?
Thanks for ANY and ALL guidance : )
42,077
Comments(9)