Hi guys I'm new. Basically the charlottesville/VA area is in a huge real estate slump and the only way to sell the house right now is to give it away for pennies on the dollar to bargainers. I've saved over $50,000 equity in my house and suddenly I was told I had to relocate! :angry: I have to sell the house in 1 month and I know I can't, my realtor, accountant, etc... all advised against it. I was just reading about lease options. Has anyone ever tried it?

If you needed to sell a house QUICKLY, how would you do it?

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Quick Sales are troublesome, when the seller wants or NEEDS to get their best deal - pricing wise. I had a client who really didn't care about the money, it was really more important to be done with the property so as to facilitate leaving the state, starting a new job and getting on with life. That was a quick sale - we dropped the price 30% less than the market dictated.

That helped the sale rather quickly. However, it's a hard pill to swallow.

I have not closed on a lease transaction. But I have worked with buyer clients who have attempted to do it. Ultimately, they grew too disinterested in the terms being given. For the seller, it has plenty of pro's as long as your rental price exceeds the mortgage note. Keep in mind, there has to be an agreement on responsibility for various repairs.

Yes, I have sold a few houses on lease option. A great majority never end up buying. That is okay since you usually get a big option Fee that is non-refundable and you get above average rents.

Great way to sell a house or increase your cash flow.

50,000 is not very much if it is a high priced home, you could have that much in closing costs if you used a realtor.
Good luck

I may be interested, my wife went to UVa and we want to retire there. Fill out the form on my web site, www.sellorlandohomefast.com

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Todd Hutcheson
SellOrlandoHomeFast.com We buy houses investor company in Orlando
ibuyland.com Sell Florida Fl land or lot fast for cash

Nice sales pitch, I buy homes. I really like the shot about Realtors.

Thomas,

If it is your company that is responsible for the sudden Re-location, I would check with them about relocation services such as Cartus, Etc...

I would try to avoid Lease Option unless it is an absolute last resort. You can not force someone to honor the terms so they can basically walk away at any time, leaving you out of state, the house in who knows what kind of condition, and right back where you started.

A better option may be to look for short term renters who understand that the house will still be on the market while they are renting. I have had success finding renters who are waiting on a house to be built, renting for 3 months in these types of situations.

As far as these we buy ugly houses types, they will always tell you not to use an agent, they say it saves you thousands in fee's. They fail to mention that their offers are almost always well below market value and that besides saving the money in fee's it saves you from having someone represent your interests in the transaction. Makes it much easier for them when the seller has nobody looking out for them.

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Rob Muller
ReMax Town & Country
Canton, GA 30114
770-363-4528

Specializing in Cherokee County Real Estate, East Cobb homes for sale, and West Cobb homes for sale.

i'm told lease options are the most litigious deals, at least in CA. I'm told not to touch them. Either lease or sell.

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Brea CA Real Estate, Brea Homes For Sale
Fullerton Real Estate, Fullerton Homes For Sale
Brea Real Estate, Fullerton Homes For Sale

With leasing, have the agent work as the PROPERTY MANAGER - there may be some other fees/payments coming out of each monthly payment - but it can be worth it, if the agent is up for the extra responsibility . . . can at least provide a little more "oversight" in the maintenance of the property . . .

Alright, thanks for the advice guys. I think I'll actually do it because of the non-refundable fee. The house itself is worth $220,000 so...we'll see. Thanks again.

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www.mymortgagehelp.info - a FREE site dedicated to home owners like you and me, packed full of articles and updated daily. Fun tips and tricks to avoid financial ruin.