Sellers, Have You Considered A Lease Option As An Alternative?
We’re working with a family who just relocated from Pennsylvania, they’ve been searching for a home for several weeks.
It’s never easy deciding where you wish to live,alot of consideration needs to be given towards schools,neighborhoods and convenience to work.
The client decided the best way for them to purchase a home is through “Lease with Option to Buy”.
We explained to our client it may be wise to locate two or three homes. In Broward County,Florida the concept of a “Lease Option” isn’t too common. Many agents resent even presenting these types of offers.
We decide to target homes in our area that have been on the market for a minimum of 130 days. It’s our opinion if a home is on the market past a certain amount of days their more open to be involved in a “Lease Option”.
Home #1: The home has been listed for 170 days.The sellers agent isn’t too respective for our offer and tells us the sellers will pass.We doubt the offer was ever presented and move on.
Home#2: The home has been listed for 192 days.We’re able to deal directly with the sellers. We present our offer to them and ask they speak to their attorney . Our offer is as follows: The asking price is $385,000, our offer is for $365,000 with sellers contribution of 3% at closing.The buyer will pay rent of $1700 per month with 1st and security. We’ll place $3500 non-refundable for escrow.Closing in 7 months.
Home#3: The home has been listed by two other Real Estate companies,it’s been on the market for 283 days. They are by far the most eager to entertain our offer and we immediately start negotiating the terms. The asking price is $395,000.Our offer is for $372,000 with 3% sellers contribution.The sellers are looking for more “Upfront” money,but it appears they’ll settle for less providing we can supply a loan commitment in the next 30 days,closing in 5 months.
With the Market Conditions changing so drastically, there are alternatives to dealing with “Buyers and Sellers”.
My best advice for sellers when getting you’re home sold is to “Keep an Open Mind” on all offers that arrive.
Scott Daniels
Florida List for Less Realty, Inc.
954-275-0200.
http://www.floridalistforlessrealty.com
Tags: Lease, Lease Option, option to buy