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Updated over 5 years ago,
Subject To // Lease option
Hello, A little background on the situation:
I purchased a home to rehab and put back on the market, once the rehab was complete the market had softened and a few more homes in the area had come online making for a buyers market. After 3 and a half months with no traction I pulled the house and listed it for rent.
I had a company contact me with the proposal of facilitating the transaction and finding an end buyer from which the buyer would be putting down 10% of the purchase price ($55k) and cover the mortgage including all other payments such as taxes, insurance and HOA.
This all sounds fine, however the Buyer would take possession of title and I would no longer be considered the owner and would just be offering Seller financing at that point. My question is, should the Buyer default would the house come back to me through a deed of trust, or would the current lender have positioning over me and take it over? I'm not sure if this company is someone I can trust and should move forward with. Any suggestions or advice would be greatly appreciated.