Re: third lonnie- Help!! - Posted by Tony-VA/NC
Posted by Tony-VA/NC on August 21, 2003 at 17:58:51:
It may have been understood without your stating as such, but be certain the PM will allow you to purchase the home, in whatever capacity (I don’t know if you are over 40 and qualify).
Yes the Option will protect you but you may wish to cover your bases just in case. Plus you want to be certain of the usual details (lot rent current, home can stay on the lot etc.).
As for the Option, why do you wish to agree to pay the lot rent? I would not want to be on the hook for a grand on a home I may not buy or be able to sell (that is what the Option is intended to prevent).
Re-work your thoughts on the Option. If you wish to be fair, may the option non-exclusive (meaning the homeowner can continue to try and sell). I don’t know about the senior parks, as cash buyers in theory may be more readily available, but in traditional family parks they sellers sometimes are worried that I may tie up the home for 90 days and not buy.
By allowing them to market the home, they have nothing to lose. By tying up the purchase price via the option, I have nothing to lose. The seller remains on the hook for the lot rent.