Re: question on lease purchaced agreement - Posted by Mike Barrett
Posted by Mike Barrett on July 06, 2003 at 20:23:57:
If you have a good relationship with the owner, you have a couple of other options.
You might be able to get owner financing. If the owner doesn’t have an imediate need for cash, they might be willing to lend you the purchase price. You have proven that you can make your payments on time, haven’t you? Interest rates are very low right now. Perhaps if you can offer an atractive enough interest rate, the owner will agree.
You could also negotiate an extension of the option agreement. Sometimes the right to extend the agreement is given to one party in the agreement. You can always ask for an extension. Of course, if you wait until the day your option expires, you’ll be at an obvious disadvantage in your negotiations. One thing you can offer that might make an extension more attractive to your owner is an extra payment every month to be applied to your downpayment on the house. You would have to make this payment by a seperate check to get full advantage, but when the extension on your option is up, lenders may be more willing to grant you credit when you can show them that you’ve already put quite a lot down on the house.