What Do You Say To Assign Lease Option

[sublett 0]

QUESTION

If you wanted a 30-60 day option to buy my 1500 sq.ft 3br/2bath home, how would you ask? What exact WORDS could you use to put my house under contract? Also, what WORDS would you use to request the right to ASSIGN to a 3rd party?

[Adam King (MI) 1]

Sublet,

First off, your question was not about a specific option so I am answering as if it were about a "straight" option.

 

There are no exact words. Each individual situation is different based on the seller's motivation. They may be asking me to PLEASE take the property, or they may be only motivated enough to want to hear some options. The most important aspect is to know your game plan as an investor. This will be the direct knowledge of your system joined with how to apply the agreements, negotiation etc.

 

So, with that said I'll get to the point

 

QUESTION

If you wanted a 30-60 day option to buy my 1500 sq.ft 3br/2bath home, how would you ask? What exact WORDS could you use to put my house under contract? Also, what WORDS would you use to request the right to ASSIGN to a 3rd party?

 

New Investor Response:

 

Mr/Mrs. Seller, I am very interested in purchasing the property, but at the moment may need a short period of time say, 30-60 days to either move some funds around so I can exercise an option, or find a third party to assign my interest to. It will cost you nothing out of pocket for me to take option on the property.

 

Seasoned Investor Response:

 

Mr/Mrs. Seller, I am not interested in purchasing your property at this time due to the numbers not working for me. However, I interested in trying to find someone that will be willing to take the property. I am a full time investor with a lot of contacts and believe that I can find someone to assign my interest to. It will cost you nothing for me to do this.

 

Note: If they balk at the option, go to plan B:

 

Plan B:

 

If you are not interested in tying up your property and only waiting for me to exercise the option, I can have it non-exclusive. This means that you are not obligated to only me buying. You are welcome to try to sell it on your own at the same time. (Best man wins so to speak)

 

Hope that helps,

Adam

[Jason (AL) 1]

He makes it seem too easy, huh?

 

To tell ya the truth, his "seasoned investor response" does work.

So go with that.

 

I've used it on a couple or so occasions on houses I didn't want for various reasons.

 

Adam,

Haven't hear from ya in a while.

Did you finally make your way to your computer to reply to his question?

I hear you get lost, from time to time, in that big ol' house you're living in.

 

Try bread crumbs or draw up a map.

It should help.