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urbanrealtor
ParticipantI am a double phd (ordered from my on line collage) far left capitalist Hungarian shark.
Please defer to my deep and thoughtful understanding of the Fed.
It stems from when they put a chip in my head and forced me to join the military and root out commies on Piggington.
I am starting with Comrade Rich Toscano.
I shall bite you with my serrated (for his pleasure) scary Ayn Rand shark teeth.
Arrrrgh!!!!!!!
ParticipantAnd honestly I think that 20k is too high for a purchase option for the kind of product you intend to buy.
My 2bits.
ParticipantAnd honestly I think that 20k is too high for a purchase option for the kind of product you intend to buy.
My 2bits.
ParticipantAnd honestly I think that 20k is too high for a purchase option for the kind of product you intend to buy.
My 2bits.
ParticipantAnd honestly I think that 20k is too high for a purchase option for the kind of product you intend to buy.
My 2bits.
ParticipantAnd honestly I think that 20k is too high for a purchase option for the kind of product you intend to buy.
My 2bits.
ParticipantThere are a lot of names for this type of transaction.
The most accurate (imo) is rent-to-own.The buyer does not own the property until he pays up fully.
The issue, of course, being that certain types of title changes have precedence and wipe out the rto contract (along with the down and all payments previously made).
To protect yourself you would want language clarifying what happens in the case of mortgagor distress (though that would still be very thin protection at best).
Better would be a very specific type of trust deed against some other collateral this seller has that only kicks in if your rto interest is compromised or eliminated.
The price point for that type of property varies wildly depending upon which areas you like.
These contracts are pretty rare in SD (or any place with lots of foreclosures).
You also want to clarify what happens if you move prior to the transfer of title.
The outline you have given really sounds more like a lease with a $20000 option to buy.
ParticipantThere are a lot of names for this type of transaction.
The most accurate (imo) is rent-to-own.The buyer does not own the property until he pays up fully.
The issue, of course, being that certain types of title changes have precedence and wipe out the rto contract (along with the down and all payments previously made).
To protect yourself you would want language clarifying what happens in the case of mortgagor distress (though that would still be very thin protection at best).
Better would be a very specific type of trust deed against some other collateral this seller has that only kicks in if your rto interest is compromised or eliminated.
The price point for that type of property varies wildly depending upon which areas you like.
These contracts are pretty rare in SD (or any place with lots of foreclosures).
You also want to clarify what happens if you move prior to the transfer of title.
The outline you have given really sounds more like a lease with a $20000 option to buy.
ParticipantThere are a lot of names for this type of transaction.
The most accurate (imo) is rent-to-own.The buyer does not own the property until he pays up fully.
The issue, of course, being that certain types of title changes have precedence and wipe out the rto contract (along with the down and all payments previously made).
To protect yourself you would want language clarifying what happens in the case of mortgagor distress (though that would still be very thin protection at best).
Better would be a very specific type of trust deed against some other collateral this seller has that only kicks in if your rto interest is compromised or eliminated.
The price point for that type of property varies wildly depending upon which areas you like.
These contracts are pretty rare in SD (or any place with lots of foreclosures).
You also want to clarify what happens if you move prior to the transfer of title.
The outline you have given really sounds more like a lease with a $20000 option to buy.
ParticipantThere are a lot of names for this type of transaction.
The most accurate (imo) is rent-to-own.The buyer does not own the property until he pays up fully.
The issue, of course, being that certain types of title changes have precedence and wipe out the rto contract (along with the down and all payments previously made).
To protect yourself you would want language clarifying what happens in the case of mortgagor distress (though that would still be very thin protection at best).
Better would be a very specific type of trust deed against some other collateral this seller has that only kicks in if your rto interest is compromised or eliminated.
The price point for that type of property varies wildly depending upon which areas you like.
These contracts are pretty rare in SD (or any place with lots of foreclosures).
You also want to clarify what happens if you move prior to the transfer of title.
The outline you have given really sounds more like a lease with a $20000 option to buy.
ParticipantThere are a lot of names for this type of transaction.
The most accurate (imo) is rent-to-own.The buyer does not own the property until he pays up fully.
The issue, of course, being that certain types of title changes have precedence and wipe out the rto contract (along with the down and all payments previously made).
To protect yourself you would want language clarifying what happens in the case of mortgagor distress (though that would still be very thin protection at best).
Better would be a very specific type of trust deed against some other collateral this seller has that only kicks in if your rto interest is compromised or eliminated.
The price point for that type of property varies wildly depending upon which areas you like.
These contracts are pretty rare in SD (or any place with lots of foreclosures).
You also want to clarify what happens if you move prior to the transfer of title.
The outline you have given really sounds more like a lease with a $20000 option to buy.
ParticipantMy 2 bits:
Offer an agent a fixed amount to consult.Make sure its someone who can address all the concerns you have that can be put in words (non-verbal terror is not really fixable).
Make sure they can talk about underlying economics and the relevant micro-market without sounding like a salesman douche.
Make it clear you will pay them whether or not a sale comes out of this.
That will keep the conversation honest and fair.
You might not like what you hear but it will be relatively less likely to get you screwed.Good luck dude.
ParticipantMy 2 bits:
Offer an agent a fixed amount to consult.Make sure its someone who can address all the concerns you have that can be put in words (non-verbal terror is not really fixable).
Make sure they can talk about underlying economics and the relevant micro-market without sounding like a salesman douche.
Make it clear you will pay them whether or not a sale comes out of this.
That will keep the conversation honest and fair.
You might not like what you hear but it will be relatively less likely to get you screwed.Good luck dude.
ParticipantMy 2 bits:
Offer an agent a fixed amount to consult.Make sure its someone who can address all the concerns you have that can be put in words (non-verbal terror is not really fixable).
Make sure they can talk about underlying economics and the relevant micro-market without sounding like a salesman douche.
Make it clear you will pay them whether or not a sale comes out of this.
That will keep the conversation honest and fair.
You might not like what you hear but it will be relatively less likely to get you screwed.Good luck dude.
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