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Desperate for advice. I 'bought' a house on a lease option agr


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#1 Kylejchadwick

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Posted 24 September 2016 - 08:01 AM

Needing any advice I can get. I got into my house on a lease-option to buy deal 6 yrs ago. Option price was originally $69.9k, which was 'zillow' value at the time. Ive paid the option price down to $60k. Today it 'zillows' at $96.6k. I've talked with the owner and he's got no prob with me marketing the house, says all he wants is his option balance. He says if I find a qualified buyer he'd be happy to talk with them to help explain the situation. I'm trying to sell myself, no agents. I figure I'd be happy to sell the place at $75k (minimum) as is. Seems like a bargain and I still might be able to make a buck. I haven't gotten details from the current home owner concerning how all of this would go. As I understand it this would be a 'double close.' So I guess my question in a nut shell is, how do I get paid? I'd like to educate myself as much as possible before going much further into this. If I find a qualified buyer financed by a bank, is the fact that this would be an unusual 'double close ' going to scare the bank away? ANY ADVICE GREATLY APPRECIATED.
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#2 MichaelC

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Posted 25 September 2016 - 06:41 PM

First, my apology for not replying sooner.  I was out of town for a few days of R&R.

OK.  If I understand correctly, you have a six year lease option?  First question, when does your option to purchase expire?



#3 Kylejchadwick

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Posted 25 September 2016 - 07:20 PM

Hey no problem. I appreciate you taking the time. My contract shows no option expiration.

#4 MichaelC

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Posted 25 September 2016 - 08:55 PM

No expiration date?  Then unfortunately the contract isn't valid.

That said, if the homeowner is willing to honor your original purchase price, the first thing I suggest you do is get in writing the agreed to purchase price and the expiration date.  Once those are in place we can look at your exit strategies.  But without them you have no agreement of any kind.






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