Plz Help With 1st Lease Option
I have had an Investment property For Sale for the last 6 mos with almost no offers. My monthly expenses are $1300 and I have it listed at $225,000. Since the property sits vacant and does not generate any income I decided to look into Lease Options.
So far I have this Offer:
--Monthly payment $1550 of which $150 go toward the Down payment, which gives me a net of $100/month (1550-150-1300)
--Down payment of $7,000 (approx 3%)
--Closing within 12 mos
--Purchase price increased to $230,000
The potential buyers have decent credit and make $88,000/year combined and also have a VA Entitlement Letter towards the Down Payment for up to $36,000.
Is this a good deal and what can I do in order to increase the probability of them purchasing the House at the end of the 12 mos?
Thanks,
Simon
So far I have this Offer:
--Monthly payment $1550 of which $150 go toward the Down payment, which gives me a net of $100/month (1550-150-1300)
--Down payment of $7,000 (approx 3%)
--Closing within 12 mos
--Purchase price increased to $230,000
The potential buyers have decent credit and make $88,000/year combined and also have a VA Entitlement Letter towards the Down Payment for up to $36,000.
Is this a good deal and what can I do in order to increase the probability of them purchasing the House at the end of the 12 mos?
Thanks,
Simon
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The Buyer is really anxious to proceed and are asking me to finalize the details! Anyone?
Thanks,
Simon