1bassoon Posted September 28, 2008 Share Posted September 28, 2008 First, you might want to read this post about the house-renting situation that has appeared. Now - we were showing the house today, and who drives up but a woman who saw the house 7 weeks ago. She is very, very interested in doing a lease-purchase, starting as early as Nov. 1. She leaves her #, so we can consider it. Basically, she'd like to buy our home, but won't have the $ until late April. Hmm. . . .thoughts? Dh is going to look at the house-sitting situation this week. The plot thickens! Quote Link to comment Share on other sites More sharing options...
lwilliams1922 Posted September 28, 2008 Share Posted September 28, 2008 (edited) I've done many lease option transactions. it can open doors to many buyers when you're in a bind. Keep in mind that about half of people with lease option can actually buy the property at the end of the term. There are a variety of reasons: 'sure thing' money never came in couldn't get financed they just stopped making payments for one reason or another they move in 6-7 adtl people into the house and you start seeing damage With all that I still do it. I think you just need to go in with your eyes open. AND make sure you get a NON refundable option payment as well as security deposit that is refundable if they don't buy and end up leaving. ie) I have a small house I put a guy in on lease option for 1 yr. House is worth 75k I charged him 1500 option payment 500 security deposit at the end of one year he said he was not quite ready to get financing. i let him stay without raisning the pmts. Last month he said he was leaving cause his wife was having another baby and they wanted a larger place. I need the cash now so i'm going to sell on the MLS this time. I'll just lower the price a bit every 2 weeks till i can find a traditional buyer. Are you sure your house it priced right? Has your agent reviewed the comps with you? (DH is a Real estate agent full time now) I am big on lowering the price at regular intervals. EVEN if it's only $50! Your agent might not like having to do it but it puts your property on the 'hot sheet' again. In most cases it will cause a bunch or agents and buyers to see your house again. It's a numbers game. The more people that see your house the better. you can email me if you'd like more tips to protect yourself in a lease option. HTH Edited September 28, 2008 by lwilliams1922 sorry for the typos- baby climbing on me Quote Link to comment Share on other sites More sharing options...
Danestress Posted September 28, 2008 Share Posted September 28, 2008 If she can't get a bank to lend her the money, do you really want to lend it to her yourself? It seems risky. But what to do I know? Quote Link to comment Share on other sites More sharing options...
lwilliams1922 Posted September 28, 2008 Share Posted September 28, 2008 If she can't get a bank to lend her the money, do you really want to lend it to her yourself? It seems risky. But what to do I know? yeah banks are tough on everyone these days. esentially one of the reasons I do it is to help people that need it. If they pay me ON TIME each month I report it to the lender who can boost thier credit worthyness. I also give them a modest rent credit for each on time payment. ie)every month pmt is made on time I credit them $50 towards closing. bottom line you will have some that work out and some that start creating excuses. Quote Link to comment Share on other sites More sharing options...
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