Fix-Up Credit on Lease Option??? - Posted by Nick

Posted by Nick on August 31, 2003 at 15:45:22:

Anyone?

Fix-Up Credit on Lease Option??? - Posted by Nick

Posted by Nick on August 30, 2003 at 17:45:54:

I’m in the process of negotiating a L/O and the seller had brought up crediting the fix-up work to the property off the purchase price. I think its great for me but not too great for the seller. Let’s say the house is worth $200k and I put $100k into it. $200k(price) - $100k(fix-up)= $100k(purchase price)… Obviously the house would be worth a lot more & I forgot to mention my rent credit plus appreciation. Am I going to have any problems with a fix-up credit in the contract when I excersise my option?

Re: Fix-Up Credit on Lease Option??? - Posted by Michelle

Posted by Michelle on September 01, 2003 at 20:17:35:

First agree on the purchase price less the fix-up. That way when you going to closing (Obviously it’s going to be reappraised by the bank) you will receive the proper credit at closing. I don’t believe you can do this with a conventional mortgage but I’m not a lender.