What is seller financing? What is the lease option?
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For more valuable information click on this link and watch the complete episode: https://youtu.be/FUNhhxiFVhM- “Seller Finance Confusion? Best Lease Option Strategies? Lou Reveals All”
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Scott Paton:
Lou, as we’re talking about the lease option and a seller financing, that there may be people watching who don’t know what a lease option is, and don’t know what seller financing is. So I thought, why don’t we just take a short, we’ll just call it a short break. And if you can tell everybody quickly, what is the lease option, what’s seller financing, and why would somebody do that instead of just putting it on MLS?
Lou Brown:
Well, my favorite way to buy is to get the deed from the seller. But if I can’t get the deed and to make the seller feel comfortable and confident, then we’re going to step down to an agreement for deed, meaning that the seller keeps their deed and we make the payments. We do what we said we’re going to do. And after a period of time, then the seller gives us the deed to the property. So that’s another solution. Now, if we can’t get the agreement for the deed, then we step down, I call it a step down to lease with the option to buy. That means that we’re going to lease the property from the seller and separately, we’re going to do an option to purchase that property. So we’re going to, with that option, we’re going to know exactly what the terms of our purchase are going to be.
And that’s going to tell us the number, that’s going to tell us the amount that we’re paying for the property. That’s going to tell what timeframe that you have in order to exercise your option to buy. And everybody agrees to that upfront. So, you actually have a right to that property, even if that seller sold it to someone else, just like we were talking earlier about a lease, a house comes with the lease. If there’s a tenant in place. Well, in this case if they sold it to someone else whomever bought that would have to honor your option to purchase as well.
