Need some house-selling advice. parents have house for sale, in south NJ, got an offer for a lease-purchase. they know mother of the buying couple. buyers want to move in 9/15, but...
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not close sale until December. Will be paying rent., and non-ref deposit. What other reason would there be to do this unless they have terrible credit? Should we ask that they secure financing before we agree to this? What else can we do here? Parents are moving out of state, and would love to have it sold before they move. What else should we be concerned about here? No concern that buyers would damage house, really just want to protect parents in case buyers cant get financing, and then house has to go back on market in a few months. Why not just have the buyers parents cosign, and then purchase now?? what am i missing here? thanks.
posted August 16th, 2009 at 9:54pm in
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21 Replies (log in or sign up to post a comment)
- They are not buying now because 1) they have bad credit 2) they have no dp. Either way this is much too risky for the scenariop you have outlined. 8-16-2009 9:55pm
- ^^how long has the house been on the market? Any offers? How many price reductions? 8-16-2009 9:55pm
- 3 mos, 1st offer, one price red. 8-16-2009 9:56pm
- Ok can you tell me the price range - it matters when it comes to judging DOM 8-16-2009 9:57pm
- listed now at 299. 8-16-2009 9:58pm
- Ok keep it on the market. You will get a lowball andyou should take it. I am guessing the house is dated/needs work. These always take longer to sell. Has your agent looked into a 203K....(more) 8-16-2009 10:00pm
loan program? I would be marketing this heavily to potential buyers.
- house is in great shape, but has only 1.5 baths. updated everything. no idea what 203K is - can you tell me? 8-16-2009 10:01pm
- op - no, this is not a house that needs rehab at all. 8-16-2009 11:08pm
- this sounds correct 8-16-2009 9:55pm
- any suggestions on how to minimize risk? 8-16-2009 9:58pm
- Sell the house outright. The reason no one can tell you about this is because it doesn't work 8-16-2009 9:58pm
- I did this once, let buyers in before sale. Never again. They immediately started finding things to try to get price lowered. Also, as said, once they are in, they are in control. ...(more) 8-16-2009 11:10pm
Hard to get them out if you need to.
- op - yeah i get that. assuming we know the family, and these issues are somewhat mitigated, just wondering if this could work. 8-16-2009 11:15pm
- Can you just ask why? 8-16-2009 9:55pm
- What happens if the sale doesnt' go through? Your parents have to evict them through the housing court system so they can relost the house? 8-16-2009 9:55pm
- i would assume the contract would state that they have to vacate by a certain date if they dont secure financing. parents will be talking to atty tomorrow. 8-16-2009 9:56pm
- I don't care what they put in the contract. Once they are in the house for 30 days, they have rights as tenants. And they can't sign away those rights. In NJ, it can take a year to get ...(more) 8-16-2009 9:56pm
- I think it sounds ok. Get a preapproval before you sign. 8-16-2009 11:18pm
- i think if they could get that, op's buyer wouldnt need to do it this way 8-16-2009 11:19pm
- Lease purchase can sometimes be a decent deal in a bad market. 8-16-2009 11:20pm
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