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Now the buyer wants to do a lease to purchase agreement temporarily until the short sale in finalized (And maybe longer if the short sale dosent go through.
I am 26 and purchased my home almost four years ago brand new. The home is in near perfect condition. I just don't want to live there. I have my sights set on a big move and in a way am starting over. I only did a short sale because the surrounding homes have fallen below a reasonable asking price. And Im anxious to move on with my life.
The offer submitted mid July has been sent to both banks involved and they are cooperating thus far with the process. And I suspect I'll hear the final results of whether the banks accept everything by mid september. This week however the buyer has contacted us and wishes to move from her current residence ASAP, I'm not sure of what her reasons are. And is asking for a lease to purchase on my home. Ordinarily I would be wary of a request and still am to some extent. But due to the fact that the economy is so bad, the offer is so good, and the fact that because were heading into the fall season the chances of finding another buyer are slimmer by the day as the winter comes people tend to stay put that time of year. I'd rather not have to go through the short sale process all over again.
I'm ready to be done with the sale. It's been a good run. But I'm trying to set things up for a cross country move next spring and this house is the major hinderance in me doing that. (My realtor advices me that lease to purchases are somewhat risky and that whatever legal forms are drawn up would have to have clause to protect the seller. etc.. )Which makes excellent sense to me.
Any tips from those who have heard or been in similar situations. Or have expirience from the realtor end in circumstances like these. Any advice would be appreciated. Thanks.
We have no idea where you are or what the rules are in your location. You are looking to do a lease. Draw one up, get first last & a security deposit. When you get your approval letters, get going on the purchase.
why dont you just rent to them untill the banks are ready . the idea of "HURRY" is odd.. seems they are trying to push you into a sale that wont get approved .. I would ask a hefty bit of money and offer them a rental term only with some hard rules .. like no changes untill bank approval .. to easy to get burned with a lease option .. yeh I would be concerned ..
Not sure what state you're in, but in Texas, we have a form called the Buyers Temporary Residential Lease. This is NOT a lease to purchase contract as real estate agents cannot touch those with a 10 foot pole in Texas. It's just a form that can be used for no more than 90 days prior to closing on the house. It allows the buyer to move in early and all terms are set in this two page form, the deposit, the rent amount, who does utilities, etc... Most commonly used is the Seller's Temporary Residential LEase when a seller wants a few days after closing to move out. Every market has something like this. You just need to ask your agent for the Buyer's form of the same.
Lease Purchase is often looked upon as a process by which the prospective buyer can back out of the deal after trying the house on for awhile. The majority of lease purchases, at least in this area, do not result in a completed purchase.
It is possible that renting/leasing your home may put the kabosh on your short sale. It now becomes income property and are often treated differently than primary residence. I am pretty sure that if the short sale is being handled under HAFA terms that it has to be your primary residence.
Whoever is negotiating your short sale, whether it is you, your agent or a third party negotiator, should address this and find out the implications to the sale before you pursue it in anyway.
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