I don’t know if I’m in the right place, but would appreciate some advice.
Currently leasing a house, second-year term, only a couple of months after signing, owner says they intend on selling and offered us this “really good” deal:
Sale price $124K (tax appraisal $116)
owner finance - we pay them, they pay their bank
8%
zero down
payments would include p&i, taxes and insurance - just under $1300
renovated HUD home
She says nothing will be reported to a credit agency, so we’ll accumulate no credit payment history (our credit is not bad, but not good) and they cannot give anything to the city - they will just have a legal contract that “says” we are buying the house.
Neighborhood is typical suburban, house to one side is a rental with no guarantee of who’ll move in, neighbors from hell are on the other side, rest of neighborhood clean and quiet; countless homes for sale throughout city.
We asked that they wait until our current lease runs out and then we’ll decide, and they are balking; said they will get a realtor in (AND said we need to be out of the house while the realtor is there to look around) and put it on the market if we don’t buy. Our lease (amended from last year’s) now states that if they sell, we can be given 30 days notice to vacate. :deal
QUESTION:
Bad deal, right?
Any thoughts on why they “might” be so gung-ho to sell right away? We feel they absolutely intended to sell when we were signing the new lease, but just got us into the lease so they’d secure monthly payments. Otherwise, the house might have remained empty for awhile.
I know absolutely nothing about all this and would like someone to explain in clear terms.
Thank you.