All Forum Posts by: Herb V.

Uwe, Yes its possible but very rare. I've never seen it. There used to be Note Buyers who would buy the Agents note also but I beleive they are a thing of the past. Then again it may be different in other areas. Herbster

There's a problem here. So she can't make the payments now, what makes you think she can make the payments afterward? Herbster

I'm assuming this is ceramic tile, so if it is then its not for the novice. You'll need new tile if you can find a match, you'll need a tile cutter or rent one or have home depot or lowes cut them. Remove the old glue(PITA) re-glue and then grout. Its alot of work if you don't have the right tools and experience. Herbster

I'm a sci-fi buff, but for laughs its Becker.
Herbster

You describe seller financing i.e. a Land Contract or Contract for deed yet you say Lease Option. They are different, which one ya going to be doing. Interest rates don't apply to lease option/rent2own. Herbster

The most I ever gave was $7, usually $1 and sometimes they say keep the buck.
REO's different story. Herbster

One more little tip for CL is to use multiple accounts(email address's) that way you can post every day. One downfall to CL is that when you repost it doesn't carry over the pictures. Herbster

Anthony this may help. The buyer must attach a irs form 5405 and the Hud-1 and this:
Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer's payment obligations?

A. If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (New 7/2/09)
Herbster

Simply put, the Banks aren't interested in Lease Options. Herbster

I include this in mine. This is for MI.
41. Housing built before 1978 may contain lead-based paint. Lead from paint, paint chips and dust can cause health hazards if not managed properly. Lead exposure is especially harmful to young children and pregnant women. Before renting pre-1978 housing, owners must disclose the presence of lead-based paint hazards in the dwelling. Renters must also receive a federally approved pamphlet on lead poisoning prevention.

42. Truth in Renting Act Notice: The following notice is required by Michigan Law (MCLA 554.634). Notice: Michigan Law establishes rights and obligations for parties to rental agreements. This agreement is required to comply with the Truth in Renting Act. If you have a question about the interpretation or legality of a provision of this agreement, you may want to seek assistance from a Lawyer or other qualified person.
Herbster