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trying to sell a home should i consider leasing w/ option to buy

Posted by on Jan. 21, 2009 at 11:58 PM
  • 3 Replies

we have been trying to sell our home for 4 months as you all know the maket has been very rough.  we have hade showings but no offer as of yet.  however we have had some intrest come up on lease with option to buy, or rent to buy does anyone have any thoughts on this.  shrugging

CHRISTINA   moms rock

by on Jan. 21, 2009 at 11:58 PM
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Replies (1-3):
AnnF
by on Jan. 22, 2009 at 12:09 AM

I'm not an expert but renting or leasing to buy is great if you are not going to rely on these funds to pay another mortgage or regular bills. If it will help you work off debt etc. that's great  but you can't consider it regular income in the economy we live in right now. People leave leases and rent agreements all the time and they have no consideration for the owners. I would reevaluate the pricing of the home and see what other homes in the area are going for, if your price is inline with others than try and hold out for a sale.

 

CARA2008
by on Jan. 22, 2009 at 12:21 AM

We were looking for a seller that would do the option to buy and our broker said its bad on our end only because say we sign a contract saying in one year we will buy the house for $200,000 and say in one year the house is only worth $180,000 we would still have to buy it for the $200,000. You just never know what is going to happen. I mean wouldnt you kick youself being the seller if you sign a contract saying someone would buy it  in a year for what its worth now and in a year its worth 50,000 more. you just never know. I believe everything happens for a reason so maybe you arent meant to move yet....

jasmom14075
by on Jan. 22, 2009 at 11:28 AM

When my mom was selling her last house, she had someone ask her to do this and she didn't because remember this... like the PP poster said if you rely on the money it's not a good idea, if they default you have no money for your other bills, if you need to foreclose it is a major battle in the courts that can take months, also if they had reliable credit they wouldn't need to ask you to do that anyhow.  There are several first time home owner and low FICO score programs for people, if they can't qualify then there credit is too bad for me to risk getting stuck with IMO.  Right now banks are having a hard enough time getting people to pay mortgages, when they have money and lawyers to help them; you really want that battle?  I wouldn't! 

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