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I found a seller who has had this place posted months ago and showed no interest. Now again he is posting and after talking with him he has moved out of the area and the house is vacant, so now he's interested. Go Figure..... He mentioned he wants to sell before his deadline for income purposes and to not have a second/vacation home. So my question is does a lease with option to buy create enough of a sale to fill his need? Either way my goal is to get this one under contract. I will be talking with him again and want to be informed when i do and ask what i need to know..

 

Thanks Again

 

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I found a seller who has had this place posted months ago and showed no interest. Now again he is posting and after talking with him he has moved out of the area and the house is vacant, so now he's interested. Go Figure.....

No surprises there. Time is a great motivator.

 

He mentioned he wants to sell before his deadline for income purposes and to not have a second/vacation home. So my question is does a lease with option to buy create enough of a sale to fill his need? Either way my goal is to get this one under contract. I will be talking with him again and want to be informed when i do and ask what i need to know..

 

 

My guess is that a lease option will not fit the IRS definition of a sale. Emphasis on guess. There are complexities and numerous factors when dealing with any IRS issue, and that's why I never offer tax advise to anyone, nor should you. The only advise I give is to call a CPA or tax attorney.

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I hear that. I give no advice for anything i do not know. I advise them to talk to the pro's. Figured it was worth asking here so i can be in the know. He says he will rent it soon if he does not sell it. And of course i share with what i do for an option to him renting. I will be talking with him again soon and let his chips fall where they may with his income scenario as if he'd been on board earlier he could be singing a different tune right now. His deadline is in my favor because time is a killer for him.

I appreciate the info and as always i heed the advise.

 

Learning and burning.....

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If he wants to sell by a certain date for tax purposes, but is also open to a rental, why doesn't he express a legitimate interest in a Rent-to-Own? I would push the issue and send him a Short Offer Letter so he can see the specific numbers in the deal. Might push him over the edge to doing the deal. No downside to making the offer, Mike.

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