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Any sellers that are having problems selling, consider offering a lease to purchase option? Anyone else have any thoughts on it? My realtor suggested it but I am a bit leary. Any thoughts?
Bad idea for anyone, home prices are declining to fast for that. You may find that after a couple of years and serious price declines your renter will not want to go through with the purchase.
Best idea is to price your house well below the comps and sell it now. There are a lot of people that are willing the catch "the falling knife". A lot of people are just not educated enough to wait for this purchase and will see your lower price as a "good deal".
If you want to rent, rent, If you want to buy, buy. I rent at the moment because of the pricing situation. I am in the St. Augustine and Palm coast area of NE Florida. Very nice and eclectic I must say, and the best weather in FL. But Buy Now? Forget it. What between lying (sp) realtors and people from NYC paying silly money for poor quality housing, renting is a breeze.
I have 1700 sqft on the water (tidal river) for $1000 all in, and furnished too. I came here for a month originally, been here 2 years this June. Just renewed the lease for another 6 months. I could not buy this place for what I rent it for. It is worth about $300 give or take in today's market. I would not pay more than $180 for it though. you can rent around here for under a Grand a month, 3 bed 2 baths 2 car garage if you look around.
So a happy renter I will be till the madness sorts itself out and all the idiots who bought beyond their means are bankrupt and forclosed on. In the meantime I will keep my house money in the Credit union earning 6.25% till the madness cools down.
SWR
Quote:
Originally Posted by SKB
Bad idea for anyone, home prices are declining to fast for that. You may find that after a couple of years and serious price declines your renter will not want to go through with the purchase.
Best idea is to price your house well below the comps and sell it now. There are a lot of people that are willing the catch "the falling knife". A lot of people are just not educated enough to wait for this purchase and will see your lower price as a "good deal".
If you want to rent, rent, If you want to buy, buy. I rent at the moment because of the pricing situation. I am in the St. Augustine and Palm coast area of NE Florida. Very nice and eclectic I must say, and the best weather in FL. But Buy Now? Forget it. What between lying (sp) realtors and people from NYC paying silly money for poor quality housing, renting is a breeze.
I have 1700 sqft on the water (tidal river) for $1000 all in, and furnished too. I came here for a month originally, been here 2 years this June. Just renewed the lease for another 6 months. I could not buy this place for what I rent it for. It is worth about $300 give or take in today's market. I would not pay more than $180 for it though. you can rent around here for under a Grand a month, 3 bed 2 baths 2 car garage if you look around.
So a happy renter I will be till the madness sorts itself out and all the idiots who bought beyond their means are bankrupt and forclosed on. In the meantime I will keep my house money in the Credit union earning 6.25% till the madness cools down.
SWR
Wow, your credit union is paying 6.25% thats a heck of a good rate. My best rate is coming from IndyMac at 5.35%.
Here's my thought. If you are a seller, don't ever give someone an option to purchase or a right of first refusal. Why would you do this? Either sell the place or lease it - the option does you as a seller NO GOOD at all. It locks you into a price, and you are not getting a darned thing for it. Also, if/when you go to sell the place, you can't! Because you gave someone else an option. Even if you only give that person a right of first refusal, it really ties your hands on selling the property to a third person.
Now, that having been said, if you are leasing a commercial "box" to a tenant who will be spending hundreds of thousands of dollars to improve the box, then there may be a reason to give that tenant an option. He is spending lots of his own money to improve your property - in that case, you are getting substantial value for the option. But, with your typical residentail house, it is absolutely foolish to give someone an option just so that they will lease from you. Send your realtor back to real estate school and don't let him/her out until he learns to tell his Sellers "JUST SAY NO" to Options.
Hi I know your post was years old, but what credit union are u with and what is the interest now? seriously, I cant find anything higher than a 0.85% rate.
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