Posted by Edita on July 20, 2003 at 07:10:31:
Capitan, New Mexico. Twenty minutes from Ruidoso. It was our dream home, but my husband couldn’t take the altitude.
What would you do? Rent to buy, or just sell? - Posted by Edita
Posted by Edita on July 19, 2003 at 17:47:51:
The buyer of my house just signed a teaching contract. The bank wants to wait for a copy of the first paycheck to issue the loan (they have qualified for two different loans). They would like to move in and pay rent until September 15th (date of first paycheck). My monthly mortgage payment is pretty high ($928.00/mo), so I’m tempted to consider this option. What would you do?
The have offered to pay $33/day and increase their deposit to $10,000 (the house is selling for $140,000) to show they are truly serious. I’ve had a lot of trouble selling the house because it is only adequate for a retiring couple. It is in a beautiful location in New Mexico and a beautiful house, but it only has two bedrooms and one bath.
Re: What would you do? Rent to buy, or just sell? - Posted by Ed Ortiz
Posted by Ed Ortiz on July 19, 2003 at 20:46:07:
You seem pretty picky for a person that is “having trouble selling a property”. You said that “they have qualified for two different loans”, so to me it seems like they will have no problem qualifiying in a couple months. It’s smart to think things over a couple times but some people just over do it.
Good luck,
Ed Ortiz
Re: What would you do? Rent to buy, or just sell? - Posted by miloneco
Posted by miloneco on July 19, 2003 at 18:28:33:
lease option. Definatly, take the 10,000 and say thank-you. Lease it to them for six monthes at a 1,000. You will have the ten and your buyer will have time to process there loan.
Re: What would you do? Rent to buy, or just sell? - Posted by jorge
Posted by jorge on July 19, 2003 at 18:20:17:
where in New Mexico?
Re: What would you do? Rent to buy, or just sell? - Posted by Rick(MD)
Posted by Rick(MD) on July 20, 2003 at 10:41:31:
No, not a lease option. A lease option would give them the option of not going through with the purchase. You don’t want that.
The best way to go is to have a tight contract without any contingencies and a definite settlement date. Take the $10,000 deposit and the $33 per day and also add that the daily rental will be $99 if settlement is delayed by purchasers for any reason. The purchasers could then occupy the residence after signing a pre-settlement occupancy agreement. Be careful though, buyers often come up with a list of items wrong with the house once they are allowed to “test drive” it. Make sure the agreement covers this.