I sold my house…

[sdrealtor]

Most decent people are reputable and friendly when you enter a contract. The problem is what they become when things go wrong. I’d make sure that I had very good legal language covering disolution of the agreement just in case.

[kaycee]

Well phrased. I’ll keep the board posted on how it turns out. “what they become when things go wrong” is my new favorite phrase. That is true in all situations, isn’t it.

[kaycee]

Well phrased. I’ll keep the board posted on how it turns out. “what they become when things go wrong” is my new favorite phrase. That is true in all situations, isn’t it.

[sdduuuude]

eye-pod. I see it the same way.

Basically the buyers have a 2-year option to buy at today’s prices, can walk away if the market crashes, are getting reduced rent and have paid nothing for that option.

In fact, it sounds like they can sell their old house AND walk away if the market crashes.

At least make it such that if the buyers do sell their house, they have to buy the new house at the agreed upon price.

The only thing good about this is the “small-town, everyone knows each other” situation. I think that helps, but I think I’d rather just cut the price and sell it for real.

[sdduuuude]

eye-pod. I see it the same way.

Basically the buyers have a 2-year option to buy at today’s prices, can walk away if the market crashes, are getting reduced rent and have paid nothing for that option.

In fact, it sounds like they can sell their old house AND walk away if the market crashes.

At least make it such that if the buyers do sell their house, they have to buy the new house at the agreed upon price.

The only thing good about this is the “small-town, everyone knows each other” situation. I think that helps, but I think I’d rather just cut the price and sell it for real.

[sdrealtor]

but duuuuuuuuude,
They’re putting in the granite. I think I need to go find my bong.
sdr

[sdrealtor]

but duuuuuuuuude,
They’re putting in the granite. I think I need to go find my bong.
sdr

[recordsclerk]

In most purchase to own scenarios, the rent is usually higher then the current rate for that area. This allows the owner to get higher then normal rents to protect against depreciating home prices. In some cases you can ask for a down payment of about 10% of the purchase price non-refundable if they back out. These buyers are able to live there for a reduced rent and can buy the home if it appreciates. What do you think they will do if it depreciates? The buyer is supposed to gamble on appreciation, that’s why they are supposed to pay higher then normal rent. If you have not finalized this lease/purchase option, you may want to seek a professional advice from someone in this field. Good luck.

[recordsclerk]

In most purchase to own scenarios, the rent is usually higher then the current rate for that area. This allows the owner to get higher then normal rents to protect against depreciating home prices. In some cases you can ask for a down payment of about 10% of the purchase price non-refundable if they back out. These buyers are able to live there for a reduced rent and can buy the home if it appreciates. What do you think they will do if it depreciates? The buyer is supposed to gamble on appreciation, that’s why they are supposed to pay higher then normal rent. If you have not finalized this lease/purchase option, you may want to seek a professional advice from someone in this field. Good luck.

[kaycee]

Thanks I’ll need the luck. Haven’t had much up to now.

I did seek professional advice. Here’s what they said: Do they have a pulse? Are they willing to sign an agreement of sale? Wow You just won the lottery!

And I should say that the rent isn’t very low. I would say it is the low end of the range. Of course I had been adverising it for rent too and hadn’t been getting anywhere. The house was way too big for most people and they were scared by the utilities.

Here’s how I see it. Has anybody ever been to NYC and seen the “DON’T BLOCK THE BOX” signs. The idea is that gridlock is caused when one car or set of cars block the intersection. Then cars going the other direction can’t progress, blocking the intersection behind then, which causes a cascading effect. (Sorry if this is obvious, I know in So Cal people only drive on Freeways)

Well that’s whats happening. People cant sell their house so they can’t buy the next house. So the next house people cant sell their house. Soon all potential buyers are in gridlock. This is a way to get around this. Get houses off the MLS, lowering the inventory, and stabalizing the market.

I’m sticking my neck out to see if it works. I’m unblocking the box. I’m singlehandedly saving the housing market!! You may all thank me later. 😉

[kaycee]

Thanks I’ll need the luck. Haven’t had much up to now.

I did seek professional advice. Here’s what they said: Do they have a pulse? Are they willing to sign an agreement of sale? Wow You just won the lottery!

And I should say that the rent isn’t very low. I would say it is the low end of the range. Of course I had been adverising it for rent too and hadn’t been getting anywhere. The house was way too big for most people and they were scared by the utilities.

Here’s how I see it. Has anybody ever been to NYC and seen the “DON’T BLOCK THE BOX” signs. The idea is that gridlock is caused when one car or set of cars block the intersection. Then cars going the other direction can’t progress, blocking the intersection behind then, which causes a cascading effect. (Sorry if this is obvious, I know in So Cal people only drive on Freeways)

Well that’s whats happening. People cant sell their house so they can’t buy the next house. So the next house people cant sell their house. Soon all potential buyers are in gridlock. This is a way to get around this. Get houses off the MLS, lowering the inventory, and stabalizing the market.

I’m sticking my neck out to see if it works. I’m unblocking the box. I’m singlehandedly saving the housing market!! You may all thank me later. 😉

[lendingbubblecontinues]

No…what you have done is you have become stuck on the train tracks with a runaway locomotive headed your way. So sorry for you.

Oh yeah….none of us here (except a couple obvious fools) are particularly interested in “saving the housing market” either.

Gridlock or bust!

[lendingbubblecontinues]

No…what you have done is you have become stuck on the train tracks with a runaway locomotive headed your way. So sorry for you.

Oh yeah….none of us here (except a couple obvious fools) are particularly interested in “saving the housing market” either.

Gridlock or bust!

[bsrsharma]

I am learning new things here! That day it was clear glass shower, here it is Granite countertop in the bathroom. Interesting new fashions.

Kaycee, Doesn’t the Navy help out in relocation related real estate transactions? After all, a sailor without home selling worries should be more attractive to them when you are engineering large ships in unfriendly waters!

[bsrsharma]

I am learning new things here! That day it was clear glass shower, here it is Granite countertop in the bathroom. Interesting new fashions.

Kaycee, Doesn’t the Navy help out in relocation related real estate transactions? After all, a sailor without home selling worries should be more attractive to them when you are engineering large ships in unfriendly waters!

[Author]

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