The Texan
Summer: A Cool Climate Winter: A Warm Climate
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Joined: 01/16/2004
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we have 3 properties for sale and have been offered a lease option on one, with substantial more down and a decent credit check. Our answer was still no, as I'm not a rental agent and that is what it is, a rental with a possible sale, if they decide they like the house next year. A lease option is a gamble at the best and a big loss at the worst. No, don't get sucked in by your agent.
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rockhillmanor
On the Road
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Joined: 12/06/2003
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They are goin to deliver the contract today.
AND they just told me she had her identity stolen
which is the reason she needs to lease first.
Supposedly to get this straigtened out.
Talk about, let's raise a hundred red flags.
Thanks for all the input I really do have a
problem with this buyer but I've been waiting
so long to get out of here, I just needed some
fellow full timers to confirm what probably is
the obvious. I just keep thinking 'what if' this
could be a real buyer?
I've sold a lot of houses before, but it was to
just buy another house.
Now that selling a house means being able to go full-time,
I am waaaaay over anxious to get the darn thing sold.
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clockwork oranjaboom
Mountains of GA
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Joined: 11/25/2006
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You may want to change your agent for even suggesting such an obviously risky deal.
dave
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Kenneth
Washington, the state
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1) There are books being sold about how the lease-to-purchase program benefits buyers. As a seller, read one of these, either from the library or buy one. You need to know if there's any chance it also meets your needs, and what a legit L2P offer looks like.
2) Change agents. Hire one that is very highly knowledgeable and will tell you the unvarnished truth--and listen to them. There are only three reasons a house doesn't sell...price, price, price. And, prices are falling. Decision time for you.
3) Consider putting your house with a rental agent. I know, big decision, but if you can't sell at a price that you can live with, renting is one option for you.
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david_42
Oregon
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Joined: 04/08/2005
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It's a scam, period. Just a way for the "buyer" to get free housing until you can evict them. Or even worse, they rent the place out, pocket the rent and leave you hanging. I've fired agents for bringing 'deals' like that. And I always have a clause in my contract with an agent that lets me do that.
Do you really want to spend the next 6-8 months in court?
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minnow
Upstate New York
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I like the advise of chaning agents. The one you got now is NOT looking out for you but rather for their own monetary gain.
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The Pop-UpMercman
Lee MA
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You would need more than a $1000 down to rent a $600 a month Apt.
That should be a eye-opener right there. I would change agents, You have worked too long and hard to have what you have, Don't chance it because your anxious to sell. This does sound fishy, my 2 cents.
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Gdlow
Meridian Idaho
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Also, unless specifically written, a lease is just a lease and the option is just that...an option...not a guarantee...I agree with others here...It is a buyers market and she/he is trying to take advantage of that...may not be a scam...just taking advantage of the situation...
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SemperFiCop
USA
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Joined: 10/19/2007
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Just a thought...If someone is not already (at least) pre-qualified for a mortgage then a realtor should not even be showing the property.
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BBFD
Outside Rochester, NY
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Ok, my thoughts for what they are worth. 1) Do you really want to be a landlord when your dream is to hit the open road? What happens when you are 500 miles away and the hot water heater goes, etc? You have to pay the big expense of having somebody come in to fix even minor issues. Being a distant landlord is not my idea of relaxation while living the full-time life. 2) Sounds like your agent just wants his/her commission. ~6% of $500k is nice change to your agent and the dollar signs seem to be doing the talking. This is especially true if the buyer has not agent and your agent gets to keep the whole commission. I'd avoid it because the risk is not worth it.
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