Updated about 8 years ago on . Most recent reply
Assignment of Contract Buyer has FHA Loan
I live here in Denver, but I have properties in Pueblo. I have a problem I’m needing some help with. I have a tenant buyer on a lease option. They are looking to move and have the option to buy at $57,000. They would like me to sell it to one of their family members. It’s their sister. Sale price to sister is $65,000. They would like to pocket the difference after closing costs and my pay off of $57,000. There are no agents involved so no commissions paid out. Can we use some sort of assignment fee to pay them out? I’m seeing if there is a better way then me collecting the full amount, and paying them off on the side. This will cause me to have to pay their taxes. What would you do?
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Why not 1099 them?