L/O Not Very Attractive To Seller
I had a seller tell me this morning that when he was approached by a buyer wanting to do a Lease Purchase with him, he ran it past his attorney and was told "Well, this doesn't seem very beneficial to the seller".
Now, knowing that this Seller is moving into a new home this weekend, and his property has been on the market for 4 months now I politely asked him "How beneficial is a double mortgage payment?" We both chuckled and he said "Well, not very".
I then kindly explained "You know, Mr. Seller, I know 10 attorneys who will tell you why it IS beneficial to the seller when done properly". And I then explained that when we get together Saturday morning to look over the property (after I do my due diligence of course) then I would help him understand just how beneficial this WILL be for him.
Anyone else run into this on a regular or semi-regular basis? Care to give your thoughts or responses when this arrises?
Thanks all! 
[addsig]
Attorneys are usually going to give a very conservative answer. Obviously their job is to "protect" their client.
However, the attorney isn't the one making the 2 house payments !!! You can always find negativity in every situation. Seller needs to make his own decision if this makes sense for him fianancially. If so, the only thing he needs from his attorney is if all of the paperwork is legal and correct.
Good Luck !
[addsig]
Great response JoanAlyce.
By the end of our 5 minute conversation he was MORE than willing to hear more and to explore the idea...especially given his 2nd house payment
Thanks for responding!
[addsig]
You sound like a pro. Just keep reminding about all the expenses. Also Insurance on a vacant house is hard to get. If vacant for 30 days his current policy may not pay a claim, mine did not. Also taxes on the property may not be included in his payment and may need to be paid in Jan. Vacant houses tend to get bugs etc and make them look ugly. Vandals and thiefs love vacant property too. Point all this out too and you may have a deal
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Thanks Ted.
Those were some excellent points, some of which I had not yet even considered.
Thanks again for posting!
[addsig]
Once the seller actually makes a few payments, utilities, and maintenance he will be more convinced.
I personally have not heard of 10 attorneys who thought L/O is a good deal.
I tell the seller to use the attorneys for legal issues for which they have some training ,and not for financial consulting for which they have no training.