[5-DayForum] Florida Home Sale went OK

[Scott Ames]

It was me, Scott that sent the note.
   
  Yes.. that's exactly what I did. I offered a much lower rent, no rent credit, but a large option amount. 100% of the option money would go toward the purchase price if they bought it. At the time I could command a nice premium of future price to cover that as well since homes were going up slightly.  
   
  When it came time to buy however, the value wasn't there. Even if they wanted to buy it, I'm sure they would have a hard time getting a lender to loan against the agreed purchase price. I even offered to lower the price, but they had found a nice new construction home for $100,000 less than this home, so they didn't want it unless I could match that, which I couldn't.
  

Saltonfishing at aol.com wrote:
      Bill,
  Are you saying that you offered the property at a much lower monthly payment say 1000 on a 1700 rental and because of that you attracted all the interest for the lease option? Sounds like an interesting idea. I see the reasoning to offset the lower monthly income with the pro rated option money. But it would depend on the numbers to see which worked better. 
   
  I normally offer it at fair market and offer 2 to 1rent credit for each dollar over fair market. The real problem is finding that somebody who has and is willing to commit a large option payment. Then of course you have the sale price to negotiate as well. 
   
  thanks, Jim



    
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