I would like to offer my home as lease to own - it took the neighbor over 9mnths to sell their similar house and they took a big loss. Any opinions on doing this and do you think I could get someone pretty quick? Any warnings on what to put on the contract? Would a $2,500 non-refund option with $250/mnth of the rent going to towards the purchase price be okay?
2007-03-20 02:36:18 · 3 answers · asked by Bluesky 1 in Business & Finance ➔ Renting & Real Estate
I am looking to purchase a different home and that is why I will possibly be in a hurry to get rid of my existing home - can't wait 9mnths to sell it if the house I want is for sale now...
2007-03-20 03:05:08 · update #1
when you lease to own the best way is to do that with a real estate agent or realtor. They take care of everything including the background check. Sure they take a small fee, but that's fine, especially when you can't sell your house in this real estate market of too many homes on the market just now. Sure your neighbor took a loss, because they sold at the wrong time. Why were they in a rush to sell? Why are you trying to lease your house? Why not get a few jobs and anyone else in your house get a few jobs and pay for the mortgage, taxes, etc. and pay off that house. These days the market is so saturated that people are using the marketing tactics of adding a car to the house just to sell the house, or a trip to hawaii or overseas to the house just to sell the house. And sure your neighbors took a loss because over the past few years houses have doubled because people insist on "flipping" property for investment income purposes which raises the prices. And people today buy houses when they should never buy a house, either they don't make enough income or they don't have enough saved, or the taxes or insurance has raised so high that they can't afford it. It's called "poor planning".
2007-03-20 02:46:12 · answer #1 · answered by sophieb 7 · 0⤊ 1⤋
If this can be a hire to BUY (or possess), then sure, everytime a truly property agent OR dealer is promoting his possess estate, he/she have to divulge that she or he is an RE Agent. I make an apology that I would not have the specified legislation or internet site to ship you to. I simply don't forget it from my California Real Estate Law elegance. I acquired an A. Very difficult elegance too! Worked my butt off!
2016-09-05 09:25:23 · answer #2 · answered by ? 4 · 0⤊ 0⤋
I have worked with a few lease to owns. and usually people with really bad credit try to do it on the buy side, and they lease to own for about 8 months, and then they trash the house, doing about $10K worth of damage because they can't get their deposit back.
It is a tough business....
2007-03-23 16:14:18 · answer #3 · answered by Santa Barbara 7 · 0⤊ 0⤋