Hello everyone,
I am writing to you from Ft. Myers, Florida. We would like to sell our home. The market in our area is not moving and I was looking into lease option to sell our home. It seems to be a way to sell our home faster. (Is that true?) Here are the legistics.
House like ours on market for @535,000.00 Owe 290,000.00 Would like to get $200K to move to Tennessee.
What do you recomend? What can I expect in way of offers? Would a invester be interested? Should I look for an invester or try to lease option it myself? Will it be worht it? Is there a risk to lease optioning our home?
Would I be able to get 500k with 5% down and $3000 a month payments?
All advice is GREATLY APPRECIATED. Thank you in advance for your help.
Shawn
I can’t answer your questions that are specific to your local market, so can’t help you with lease payment. However, if you need $200k out of it, and your payoff is $290k, I think the deal is too thin for an investor to be intersted. The only ways to walk away with $200k cash that I can see are: 1) sell it out-right, or 2) refi or take a second/third mortgage, and then rent it, or 3) if you found a person to buy you out, give you $200k cash, and take over your payments, possibly using a Subject-to transaction (do a search on Subject-to, Sub2, or Sub-to if you are unfamiliar with the term). It would be hard finding such a buyer, but I guess it is possible.
Disadvantage of lease optioning is that you will be an out-of-state landlord, which makes this a tad more difficult if you need to give the FL house any attention.