What Did I Do Wrong?

Comments(5)

• 
  loanwizard5th September, 2003

  Quote:
  On 2003-09-05 16:19, Graymalkin wrote:
  I had my current home set up as a Lease Option with the following set up:
  
  2 yr lease w/ 275k purchase price
  7k down, 1700/mo, w/ 50 rent credit
  
  I gave my tenant buyer the paperwork, and he took it to get looked over by a lawyer. He then gets back to me and tells me his lawyer has advised him against it. Did I screw up not getting him to sign right away? Thanks for any advice! <IMG SRC="images/forum/smilies/icon_smile.gif">
  
  
  In talking with the tenant, did they say why the attorney advised against it? I personally don't think you did anything wrong unless the T/B had the 7k in cash when you showed them the property. It could be an excuse because they got buyers remorse, or the attorney recognized the danger of the buyers loss of funds in the event the option wasn't excersized.
  [addsig]

• 
  classimg5th September, 2003

  Sounds like a buyers remorse, or the down payment was a stretch.
  
  Maybe you could discuss another property with the buyers. Do not give up, try to understand their situation. They have a strong down payment!
  [addsig]

• 
  SmileyFace5th September, 2003

  I don't think you did anything wrong. It sounds like a very good deal to me. They probably got chickened out.

• 
  Graymalkin8th September, 2003

  Thanks for the input all. I guess the hunt should begin again!

• 
  RickGBirdDog8th September, 2003

  I too believe it may be buyer's remorse of the fact the lawyer didn't like the fact that the option was not refundable.
  
  That does not mean you make it refundable to make the buyer happy.
  
  That option is there to insure the person is serious about making the purchase.
  
  Just imagine how much money that would be out if the bought and house and tried to sell it 2 or 3 years from now.
  
  Not a good idea.
  
  You need to show clearly the win-win situation to the buyer. If they still don't like it. move on.
  
  There are plenty of buyers out there.
  
  Rick G.