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Old 11-10-2012, 06:01 AM
 
6,361 posts, read 7,344,952 times
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Quote:
Originally Posted by puffer View Post
how and where do i start? our lease to own home that we love,put all our money into.Turned an ugly duckling into a beautiful princess.where do i begin now do i have to get an appraisal ? does someone do it free? HELP!?
You should have started a new thread to ask your question (and you should provide more information), but since you're new...

If you have a situation in which you can contractually buy a house which you have been leasing--then most of the things you need to know should be written into your contract. Read it carefully. Legal advice is helpful (and usually recommended), but it sounds like you didn't get any when you entered your contract. You should consider consulting with a real estate attorney now.

The purchase price and terms should be spelled out in your contract, so you shouldn't need an appraisal to establish the price. If you need financing to purchase the house, the lender will most likely need an appraisal to substantiate that they will be receiving enough collateral to support their loan.

Very few people in the real estate business do anything for free.
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Old 04-22-2014, 04:34 PM
 
1 posts, read 289 times
Reputation: 10
Quote:
Originally Posted by MrRational View Post
If they qualify as renters (income credit etc)...
make a one year renewable lease to rent the house to them at FMV.
No credit or allowances whatsoever.

If the "buyers" don't have the creditworthiness and/or income to buy now...
there is no reason to expect that will be different in X years (or to qualify as tenants).

But if they have a wad of cash burning a hole in their pocket and insist they're the exception and you really have no other option bu to hope they are... Separately... make an option contract.
A non-refundable fee of $X dollars to lock in an agreed to price fox Y years.
If they do close in that time frame a declining % per year of the fee can be applied as deposit.
If they can't close in that time they lose the option FEE in total.

I've got a case of decent beer here that says it never closes...
and you'll end up with a house beat up far more than what the option fee is worth.
Not everybody fits that bill...Just because they cannot get a mortgage, doesn't mean they are losers that will destroy your property. I am in a house that I'm buying with a lease option. I didn't put anything down and am paying $100 a month towards the purchase price ($850 for rent). The house needed a little TLC and I have invested about $7500 into improvements. Even if I cannot get a mortgage at the end of the lease, The house will be in great shape because I am a normal person that respects other peoples property.
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Old 04-22-2014, 06:02 PM
 
Location: The Triad (NC)
26,886 posts, read 57,997,675 times
Reputation: 29332
Quote:
Originally Posted by LETSPLAYFAST View Post
I am in a house that I'm buying with a lease option.
...paying $100 a month towards the purchase price ($850 for rent).
...and I have invested about $7500 into improvements.
Good luck to you.
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