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Old 03-02-2010, 08:05 AM
 
Location: Overland Park, KS
444 posts, read 1,247,130 times
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My DW and I are moving to a SF home and negotiate a Lease option on the property. Do you have any tips or suggestions on the contract? We are 2 years out on a short sale and will be able to purchase in 1-2 years. The owner is a real estate agent and was going to flip the house until the market tanked.

Thanks.
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Old 03-02-2010, 08:07 AM
Status: "Open for work" (set 10 days ago)
 
Location: Just south of Denver since 1989
11,822 posts, read 34,358,409 times
Reputation: 8950
local (to the property) real estate attorney time.
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Old 03-02-2010, 08:40 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 22 days ago)
 
Location: Cary, NC
43,176 posts, read 76,826,386 times
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Quote:
Originally Posted by 2bindenver View Post
local (to the property) real estate attorney time.

Ditto.

But, I wonder, what is the attraction of a lease/option?
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Old 03-02-2010, 10:02 AM
 
Location: Overland Park, KS
444 posts, read 1,247,130 times
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Quote:
Originally Posted by MikeJaquish View Post
Ditto.

But, I wonder, what is the attraction of a lease/option?
IMO, It's more for us to have something written in a contract so we can purchase the home and do not have to move again at the end of the lease. We cannot buy right now, but will soon.
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Old 03-08-2010, 02:16 PM
 
Location: East Tennessee
3,928 posts, read 11,578,301 times
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While I understand your idea, an option in a depreciating market is just not a good idea. I'd suggest you just rent the house for a year with the first right to buy at the end of the lease period. No option money up front either. And make sure you write in the contract that the seller/landlord will provide you with written confirmation each month that the mortgage has been paid. JMHO
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Old 03-09-2010, 09:31 AM
 
Location: Salem, OR
15,539 posts, read 40,313,582 times
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Quote:
Originally Posted by TampaKaren View Post
While I understand your idea, an option in a depreciating market is just not a good idea. I'd suggest you just rent the house for a year with the first right to buy at the end of the lease period. No option money up front either. And make sure you write in the contract that the seller/landlord will provide you with written confirmation each month that the mortgage has been paid. JMHO

I was just going to suggest this. I agree that a lease option in a declining market doesn't make a whole lot of sense.
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Old 03-09-2010, 11:01 AM
 
5,340 posts, read 14,107,411 times
Reputation: 4699
Quote:
Originally Posted by CMPX2 View Post
My DW and I are moving to a SF home and negotiate a Lease option on the property. Do you have any tips or suggestions on the contract? We are 2 years out on a short sale and will be able to purchase in 1-2 years. The owner is a real estate agent and was going to flip the house until the market tanked.

Thanks.
Suggestion would be to just rent. Lease options are almost always heavily favored toward the seller. Sounds like you all ready had one problem with homeownership. It would make way more sense to 'straight rent' until you are in a solid position to buy.
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