A Option Deal from a “Fairly-Newbie” - Posted by Anne N
Posted by Anne N on June 24, 2001 at 18:46:18:
Here’s the deal:
I have a lease w/option on a 3-bedroom 1+ bath house for approx $84 K (the amount of an assumable FHA loan). The FHA loan is only assumable by an owner-occupant. The house is now worth about $95-100K (I need to do the comps – we’ve had the option for about 1 1/2 years, and the property is in CA, but not in my home town).
Since taking the option, which we intended to exercise, I’ve quit my corporate job (with W-2 income) to go into business for myself. We’re therefore not qualified for conforming financing.
Question: How do I go about selling my option to someone? We’d just like to get about $10K out of the deal, and someone could walk into a little equity and an assumable (read low-cost) loan.