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Answers (4)
- Chad Pape, "Chad Pape"
- Contributions:14
I agree with Phyliss-- What nice about the paperwork is that you make the deposite substantial as well as make it non-refundable.. So if they cannot purchase the property at the end of the lease term you have made rent and substantial deposit.. Have a lawyer draw up your paperwork or a savy real estate agent with a lawyer..
- Joan Congilose, "JCONGILOSE"
- Contributions:330
There are advantages & disadvantages to renting with option to buy. The greatest advantage is that tenants that rent with an option to buy have a tendency to take better care of your home because they believe they may be the owner one day. The greatest risk you are taking by renting with an option to buy is that you may tie up your property for a year or longer to a tenant that may not be able to qualify to buy your home later. Most people that rent do so because they don't have the money needed for a down payment & closing costs in order to buy, or because they don't have sufficient income to qualify for a loan. Your ideal tenant for this type of situation would be a transferee that wants to become familiar with the area before commiting to buy that can show you that they have sufficient income, solid work history & some liquid assets. If you can find a tenant that fits this profile then take a chance, if not then I would suggest just selling it now.
Joan Congilose CRS, GRI, e-Pro
RE/MAX Central Manalapan NJ
(732) 972-1000 ext:364
(732) 232-5277
Joan Congilose CRS, GRI, e-Pro
RE/MAX Central Manalapan NJ
(732) 972-1000 ext:364
(732) 232-5277
- Todd Held, "Todd Held"
- Contributions:24
It depends on the situation, the "Buyer" and some other factors. If you are doing this because you are upside down and can get somone else to make the payment, maybe. But be careful, there are a lot of pitfalls to this.
You betcha!
Just make sure you have a competent person do the paperwork
Just make sure you have a competent person do the paperwork
Is it wise to lease my home with an option to buy .
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