I am considering lease optioning my home and want more info. If anyone can help I would appreciate it.
I owe 199k on a home with payments of 1800 piti I did a no doc 100% finance to purchase. The house is in SE Orlando and appreciating quickly. Appraised at 295k right now. I dont want to sell outright because I dont want to lose my chance to gain the appreciation over the next year or two. I would say Mininum 20% although speculative thats about half of what it went up in the last year.
I want to purchase a home in another state and just need enough for closing costs from the option fee.
- with regard to my mortgage it has an owner occupancy agreement for one year. Is there a way out of this?
- What is a due-on-sale clause I have read about and where would I find it in my closing package and how do I avoid it if it is there?
- How much should I ask for an option fee? for monthly rent? give for rent credit?
- If I ask for more then the home is worth now say $329,000 would that be realistic? Or more based on 35% approx appreciation?
- I also like the owner finance idea. But same problems with my mortgage. and can I raise price considerably above current market for this?
Also would like to refinance but cant yet because was on market. The contract fell apart because buyer couldnt provide income verify. Switched jobs during closing (Jeesh) But now I am starting to like these ideas better. Will I be able to refinance and get better rates in about six months when this is under option or on contract. Please advice.
I have some ideas about all this I would just like more opinions!