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Question about selling a home
Posted on 8/1/11 at 6:43 pm
Posted on 8/1/11 at 6:43 pm
I have a house for sale and most of the offers I am getting are lease to purchase offers. The most recent one I got is for $15,000 down and they plan on buying the house in a year. Should I bite or continue to wait it out for someone to make an offer to purchase? Thanks for your opinions!
2
Posted on 8/1/11 at 6:53 pm to FanFrom318
I'm assuming you get to keep the $15k plus the lease payments for the next year if they choose not to proceed to purchase?
Maybe I'm simplifying this too much, but I'd take this.
Maybe I'm simplifying this too much, but I'd take this.
Posted on 8/1/11 at 7:11 pm to FanFrom318
Bond for deed. No lose for a homeowner because if the buyer defaults on monthly lease payments for 45 days all monies paid previously (includeing 15K down-payment) revert to homeowner. As long as you are happy with the purchase price- go for it.
This post was edited on 8/1/11 at 7:13 pm
Posted on 8/1/11 at 8:13 pm to BigAppleTiger
Thanks for the input! I'll take the advice.
Posted on 8/1/11 at 8:26 pm to FanFrom318
Make sure you put a time limitation on how long they have the option to purchase. I sold a house this way and just missed the uptick in home prices after Katrina.
Posted on 8/2/11 at 12:11 pm to lsubandmom
I went this route selling my house. I did a year lease to purchase with money down. Your ultimate goal is to have them go to long term financing. I would make them provide income disclosure statements, credit report, and I would have someone do a background check. If they won't agree to these terms walk away.
There is a reason they are looking to lease instead of buy. My deal has worked out so far but I have heard many horror stories of ones that did not.
There is a reason they are looking to lease instead of buy. My deal has worked out so far but I have heard many horror stories of ones that did not.
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