When I’m asking for an option deposit from the tenant-buyer, I have been saying, “How much do you have to put down?” And their reply is usually, “Well, I’m not sure right now.”
Is there a more effective method in getting the most possible amount for the nonrefundable option deposit? Sould I have a set amount? Thanks guys.
Always know in advance what the amount of the option deposit will be and TELL them, don’t ask them. On another note, please be careful when doing a lease option. Lease options can be dangerous. There are serious pitfalls as judges seem to be putting their collective feet down on them as “disguised sales” and frequently rule that the tenant has an “equitable interest” in your property necessitating a very expensive foreclosure procedure. Click here and go to reply #6 for the full details: