Has anyone let the T/Ber pay out the option money from the very begining of the deal? I’ve got a house that I need to move and have some T/Bers that have checked out everyway except they don’t have any option money. They want to know if they can pay X amount each month toward the option amount. Is there anyway I can come out ahead on this and they not just tie up my property as a rental?
I was thinking that I might do this and only take the option money in a seperate check not in with the rent check.
I’ve always written up a promissory note for the extra option money owed me, it would be the same I guess.
I’ve always wondered if anyone has taken a T/Ber to court for non-payment of the promissory note (option money) because they didn’t want the house they didn’t think they owed the money.
I’m just thinking outloud more than anything, trying to decide if this is a smart thing to do or not. :hammer
It’s getting harder and harder to sell via rent-to-own here, most just want to rent now because the ones with credit have already bought. The others that might want a rent-to-own are really, really risky.
Thanks to all for any ideas or opinions.
Great $uccess,
Dee-Texas
Dee,
I know what you mean about it getting harder to move property.
It has been slower here as well but I still hold out for close to the full amount down. I suppose the real question is how bad do you want to move this house? If you need to get it covered than you might consider letting them in for a 1st month and last months payment and taking a note for the rest. Let them know that default on the note terminates their lease and is grounds for eviction.
If they seemed to be stellar in every other way just short on cash, I would probably let them in for the agreed upon deposit (however much they have) and write the lease for the regular amount + the amount left owing to me for option money devided by 12. This makes the rent payment the regular rent plus the option payment so if they don’t pay you can evice without trying to evict for “failure to pay option money”.
I have taken notes for option money before and have always gotten paid but you never know.
Good Luck!