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Author: kalarson Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127698  
Subject: house......in advance Date: 6/13/2001 4:37 PM
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I could use some advice on how to buy a home in advance (see post 21462). Long story short, I'm buying the house of my dreams for cheap, but not until the current owners move out next May. They have now given me the option to buy the home & lease it back to them in the interim.

Problem is, rates are a little higher for a "owner-nonoccupied" home. Plus, the lender I spoke to said she can't do any longer than a 10-yr mortgage (I'd prefer 15). It would only be a rental property for a year, then it would be my main residence. I could swing the increase in the payments, but it wouldn't leave as much room for the fixes I'll want to do.

On the flip side, interest rates could be higher next year, so that's probably a gamble I'd have to take (or not take).

My attorney (who doesn't have much experience in creative real estate), has written up a basic purchase agreement, which allows me to buy & lease back at any time. Any other advice or suggestions?
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