The Timing Must Be Right To Buy A House

Here's a story about a family I met years ago who wanted to buy my house but they couldn't get financing for it

. Some other buyers were interested, too, but this family sticks in my mind because they were so totally excited about the house. Since they loved it so much I honestly wanted them to get it because it's a good feeling when buyers truly appreciate all the work we've done to a house.

I meet with the people who wanted to buy my house so badly, we got together on a price and eventually I wrote up a Lease With Option To Buy, which is a useful agreement in this situation. The people were happy because they got to move into the house and I was happy to have tenants who love the house and plan to buy it. The agreement involves a fixed selling price that is good for a year, and in the meantime they pay rent.

The other people who wanted to buy my house had decided the timing wasn't right for them as far as getting a mortgage was concerned, due to their temporary financial issues. I'm going to elaborate on the subject of a Lease With Option To Buy so that you will remember it as a possible solution when you are buying or selling a house some day. A Lease With Option To Buy means that tenants paying rent have the right to become buyers at a certain price within a certain period of time. It's not unlimited, but it's a good temporary solution in some situations as I've shown, meaning when people want to buy my house and they are not prepared to get a mortgage immediately.

When I write up a Lease With Option To Buy for the selling price I also calculate a monthly lease payment of approximately 1% of the selling price. That means a house selling for $135,000 would have a monthly lease payment of $1350 for a period of one year, and if the tenants do not exercise their option to buy my house, the lease payment may increase if I choose to continue to lease it rather than find another buyer.

This agreement is usually drawn up for a period of one and not more than two years, although that is negotiable. So, any time within the year or two, whatever the agreement specifies, the buyers can close the sale and pay for the house, but after the specified time period has elapses we have to re-negotiate or the tenants have to move in order for me to sell the house. You're probably wondering about the family I described in the first paragraph Well, they got their financing and were able to buy my house after renting for ten months. It was a good day for all of us.

by: Leo Kingston

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