ErikOk 10 Report post Posted March 29, 2013 Have you all ever had a tenant-buyer ask what would happen if they put down option money & then when they go to buy they find some structural problems with the house? I had somebody ask me & I told them that the option money is non-refundable & if they were concerned about structural problems then they should have a home inspection before leasing/purchasing. What have you all told t/b's when they ask? Share this post Link to post Share on other sites
<Steve> 82 Report post Posted March 30, 2013 I tell them the same. Before we go into any agreement or start the lease they would need to complete their inspection at their cost. This way I can continue to market and show the house to others. I do ask to receive an application and the app. "fee" before their inspection. 1 Share this post Link to post Share on other sites
ErikOk 10 Report post Posted March 30, 2013 I tell them the same. Before we go into any agreement or start the lease they would need to complete their inspection at their cost. This way I can continue to market and show the house to others. I do ask to receive an application and the app. "fee" before their inspection.Hi Steve, What are you charging for this app fee? It doesn't sound like it is some sort of non-refundable money down toward the house since you said that you continue to market. Is this app fee just a credit check or something like that? Say you are still marketing the property & if the person having the inspection comes back to you and says it is OK. What would happen if you leased the property just before you got the OK on the inspection, is that person out the money on the inspection & getting in the house? Just a bit curious about your process. Thanks,Erik Share this post Link to post Share on other sites
<Steve> 82 Report post Posted March 30, 2013 Hey Erick- I charge $25. a good deal as compared to apartment app fees that can be $50. I want their application to see if they are even worth dealing with, and them making a small commitment with an application and paying the fee. Yes, I continue to market the house to others and I let the tenant/buyer know that too. I am not going to tie up the property for a week or two while they are doing their due diligence; and then they decide they don't want the house because the inspector says the paint is chipped on the base board of the second bedroom. If someone else comes along and wants the house and qualifies they get the house. It's a first come first serve. I have even set appointments to show the house while the inspector and tenant/buyer are at the house. If the tenant/buyer wants it they better move fast or someone else will get it. If they can't see the value they are getting with a Lease Purchase because they are unable to purchase today, and they want to haggle and complain, go find an agent and another house as they are wasting their time. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 30, 2013 As has been already written, the t/b is accepting the property in as-is condition, and they have signed an agreement that said they have inspected the property. It's up to them if they want to actually do so. Share this post Link to post Share on other sites
ErikOk 10 Report post Posted March 31, 2013 Hey Erick- I charge $25. a good deal as compared to apartment app fees that can be $50. I want their application to see if they are even worth dealing with, and them making a small commitment with an application and paying the fee. Yes, I continue to market the house to others and I let the tenant/buyer know that too. I am not going to tie up the property for a week or two while they are doing their due diligence; and then they decide they don't want the house because the inspector says the paint is chipped on the base board of the second bedroom. If someone else comes along and wants the house and qualifies they get the house. It's a first come first serve. I have even set appointments to show the house while the inspector and tenant/buyer are at the house. If the tenant/buyer wants it they better move fast or someone else will get it. If they can't see the value they are getting with a Lease Purchase because they are unable to purchase today, and they want to haggle and complain, go find an agent and another house as they are wasting their time.So the app fee that you are talking about, is that the same as the credit check or is that extra? Share this post Link to post Share on other sites
<Steve> 82 Report post Posted April 1, 2013 It's the typical app fee nothing extra. Share this post Link to post Share on other sites
