HELP ON LEASE OPTION? - Posted by Bill

Posted by Russ Sims on March 10, 2000 at 19:37:06:

Everything about your terms sounds reasonable. The rent amount would have to be only slightly above what would be considered fair market rent, so if you haven’t already, you may want to do a bit of research there. 12 months is a little shy for someone who doesn’t qualify for a loan today to get qualified. Be prepared to be very proactive in getting them that loan: take 'em in first thing to a good mortgage broker who knows how to finance lease/options and find out what kind of hoops they’ll need to jump through in the next 12 months.Better this than to find the t/bs don’t stand a chance of financing at the end of the term.

HELP ON LEASE OPTION? - Posted by Bill

Posted by Bill on March 10, 2000 at 13:38:59:

Here’s my plan:

Lease my current home with option to purchase
FMV: 115k
Loan balance: 106k
Loan Payment: 760/month (included interest and taxes)

Rent: $925-975

12 month option at $120k. Does this sound reasonable?

Anyone know where I can get a good Option Agreement? I have a lease agreement. I plan on using 2 seperate documents for “due on sale” reasons.