Posted by JohnBoy on December 01, 2000 at 24:01:53:
You should work with a GOOD mortgage broker to see what the tenant/buyer will need to do in order to qualify in a year or what ever time you lease to them. If they have a fair chance of being able to get financed down the road “IF” they perform on their end, then you will have done everything you could to give them every opportunity to be able to get financing later on after they done everything they were supposed to do!
But no matter what you do to help them, it will be up to them to perform. You can’t hold their hands for them. Also, some people just may decide they no longer want to buy the property and choose to walk away when the lease is up.
This is why you should require a 60 day written notice in the contract that the tenant must give you to inform you of their intentions whether to exercise the option or not. Then you can start marketing for a new tenant 60 days before the other tenant’s lease is up and have someone already lined up to take the property.