***Help!! Can I turn this around?!!!?****

I currently have a house under contract, but am running out of time to assign it. No one is biting for the sale, but have a couple of offers to rent. I would now like to offer the owner a lease option but do not know how to word this and re-offer him a new deal.
House is under contract for $80,000. Market rents in area are about 600-800. I would like to lease for 18-24 months with an option to buy for $70,000. Is this possible? Help!!

I think you are going to have a hard time getting him to drop the price from $80,000 to $70,000 and give you 18-24 months to purchase. If anything you would have to increase your option price to get him to go for it.

Based on what the rental prices are and the fact that you aren’t getting anyone to assign it to, that may be you answer to let this one go.