Lease Option Advisable?
Greetings all,
I hope that someone out there can assist me. I have an owner who wants out of her property asap. City assessed for 49K, bank says area comps are 79-85K house needs about 8-10K cosmetics, she owes on a home equity loan and/or for the furnace replacement and new doors and roof. Is currently vacant. I want to do a L/O for 12 months or less while I make the repairs to bring up the value. Could exercise the option sooner... I have potential couple to lease option to when finished that would like to purchase outright. She is asking for 50K as is...with the intent that at settlement she will pay off the equity loan. I am not certain we could do that ??? help!!
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