There is a seller that is relocating and wants to get rid of her house fast. She’s wants $255k and the house is worth $290k fmv. The house is in great condition and in a great area. I need to put something down on paper and present my offer ASAP. I am still new at this, so I am still getting use to putting the contract together.
She is open to a lease-option, but not more than 2 years.
What should I offer & what’s a reasonable exit strategy?
How should I word the actual contract? ???
Any advice would help!
Offer to make her payments a with a 24 month lease with option to buy @225k, then find a retail buyer at 260 for quick sale. If not find a tenant/ buyer and lease option to them for 12-18 months. IF they cash you out , turn around and cash your seller out.
Two words: Full Disclosure–let her know what your doing!
If you do put a tenant buyer in the property, make sure the term is a year, giving you time to sell ito someone else if they cant get financed. About 40% of my TBs get financing.
If your 290 fmv is pretty solid I’d probably offer arround 240 (lowest) unless you know for sure that she’ll take less. She might say that you’re crazy or something like that if you offer less. Feel her out and find out what she really needs and how soon exactly. If you can get it for less then get a straight option and find a retail buyer,maybe she’ll let you take it sub 2. If you do get a 2 year l/o you can either assign the contract or just sub let it and do it like shili said (1 year) at a time. As far as the contract you should of already had that in your filing cabinet, get a contract from a friend or somebody that is already doing l/o or call a re att. Just do it quick and faster than a hurry before it goes to somebody else.