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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.
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.
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
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.
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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