From: "Sam_I_Am"
Subject: Re: buying condo from my landlady
Lines: 45
Date: Sat, 02 Oct 2004 00:39:21 GMT
NNTP-Posting-Host: 12.78.0.107
_______________________________________
Also, add a clause that allows you to assign the option in case you
decide to change the way you want to take title the property. This will
also allow you to sell the option to someone else at a profit if you so
choose.
"Ravi Desai" wrote in message
news:N9C6d.9060$MD5.810282(at)news20.bellglobal.com...
> I think that purchasing an option would be the better bet. It gives
you
> a choice, should anything untoward happen from now till April, and it
> does not make the purchase legally binding on you.
>
> Robert Kim wrote:
> > Note it is an
> > "option" to purchase so if YOU change your mind, you can back out
and,
> > depending if you specified in the contract that your option
consideration
> > of $1 or whatever you gave her is or is not refundable, you may even
be
> > able to get back this token deposit.
> >
> > Of course, if you`re sure you want the condo in April, you could use
a
> > purchase agreement instead of an option-to-purchase agreement but I
think
> > the option will give you more flexibility. Either one should tie up
the
> > condo at the present price for you now. Be sure to run any
contracts by a
> > lawyer familiar with the property laws in your locale, though, so
you
> > don`t end up with a worthless contract.
>
> If, on the other hand, you wish to put in a purchase now, you should
try
> to keep a conditional offer of purchase. The conditions could be that
> you will be under no obligation to purchase the property if you do not
> get a mortgage passed, for one thing. This is because if you give a
firm
> offer and cannot pay up, you could be legally liable to pay a penalty.
> And, as Robert Kim wrote, always run the contract through your lawyer
> before signing it.
From: "Sam_I_Am"
Subject: Re: buying condo from my landlady
Lines: 30
Date: Sat, 02 Oct 2004 00:44:27 GMT
NNTP-Posting-Host: 12.78.0.107
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"John A. Weeks III" wrote in message
news:290920042108262272%john(at)johnweeks.com...
> In article , Kevin
> Graham wrote:
>
> > I just spoke with the loan broker. She says a
> > 9 month escrow is no problem. What I did not
> > realize is that I can`t lock in today`s rates.
> > I`d get the loan at whatever the rate is in
> > April. That`s a mighty big unknown. Is there
> > a way around that one ? thanks
>
> You should be able to lock in 60 to 90 days in
> advance. It would be unusual not to have some
> kind of lock in advance. Some loans and lenders
> allow you to purchase additional lock time. I
> doubt that you will get a 9 month lock, but 6
> months might be doable. Interest is not likely
> to move up that much in such a short period of
> time, espeically given that the election is
> coming up. Even if the fed moves 1/4 point
> every time it can, you are not looking at a
> move of more than a point or so.
>
However, at today`s interest rates, a move up of 1 point could devalue
the property by almost 10%.
From: "Sam_I_Am"
Subject: Re: buying condo from my landlady
Lines: 28
Date: Sat, 02 Oct 2004 00:44:28 GMT
NNTP-Posting-Host: 12.78.0.107
_______________________________________
"Don Zimmerman" wrote in message
news:SKWdnXw-MNmcjcbcRVn-ow(at)adelphia.com...
> "Kevin Graham" wrote in message
> news:1ef7b47.0409290748.1f6dd06e(at)posting.google.com...
>
> > My landlady has agreed to sell me the condo
> > I`m renting from her. Says she can`t do it, however,
> > till April. She agrees to sell it to me---at that time---
> > for the price it would go for now. Unit is in
> > Mountain View, CA. How do we do this ?
> > I`ll talk to a loan broker today, but I want to
> > get as many takes on this as possible.
>
> I could be missing something, but you could simply buy the unit
immediately
> for the agreed price and then collect rent from the landlady for
several
> months after closing until she moves out in April.
>
>
He is currently renting the unit from her. She is not the occupant of
the unit he is intending to buy. She apparently has a situation where
it is more beneficial for her to sell after 4/1/05. It is probably
Capital Gains related, would be my guess.
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