Posted by Jim IL on February 26, 2001 at 18:44:27:
Without knowing exactly what you want to do, or accomplish, it will be hard to tell you what to do here.
I’d also want some more info on the property and the sellers situation.
Fmv of the home?
Tenants? Rent amount?
any repairs needed?
Will tenants leave?
Market rent for the home?
And, what does the seller need from the sale of this home?
As far as L/O being hardly heard of where you are, and contracts being common, then there is your in.
Explain a Lease Option in terms, not by name, if that is what you want to do.
Tell the seller that you will set a price now, make payments, and when you buy, there is a sort of balloon payment, just like in a contract for deed.
Just make the L/O seem like an installement sale, and then use L/O paperwork.
Joe Kaiser talks about this in some of his writings.
I’m sure he puts it much better than I do.
As far as “how” you’ll finance the other home you already have an accepted offer on?
Isn’t it a little late to decide “how” to close this one?
What was your plan when you made the offer?
What is the place worth now?
After repairs if any are needed?
Is the price of $35k a good LOW price?
Anyway, good luck to you, just wanted to offer my $.02,