Should We Take A Lease-To-Purchase Offer Or Relist Our Home ...

Q: Our house was on the market in Massachusetts for 90 days last summer and we took it off the market in October for the winter. We were planning to re-list on March 1st when a family approached us out of the blue about our home. We?ve shown it to them three times, and they were very interested in it. Last night they approached us with a lease-to-purchase proposal. They want to lease (for up to a year), with a non-refundable downpayment. I don?t see any benefit to this arrangement as a seller with the spring season upon us. I?d like your advice on this subject. Thank you.
?Dee, Williamstown, MA

A: Without seeing the terms in the agreement it is hard to offer any recommendations. Overall, one should not get into a rent-to-own agreement unless you fully understand the potential consequences of your actions. If your intent is to just sell your home, I would suggest to you to not do the rent-to-own agreement and go forward with a standard sale in March.
Adam Aguilar is a Realtor? with Reliantra in West Toluca Lake, CA.

A: Dear Williamstown, MA

I am not familiar with your market and what the typical Days On Market is for a property like yours. You might want to check with your Realtor.

In a lease purchase agreement, which is different from a lease option, you will have negotiated the purchase price up front. The deposit funds are non-refundable and the lease payments are higher than normal rentals in your area, of which you will have negotiated a portion of those rents to be applied toward the purchase price as additional down payment with the balloon due at the end of the term, one year in your offer.

You need to have a comfort level with these buyers as to their reason for this versus obtaining financing. It could be their own home is on the market to close within that time frame. It could have something to do with some type of large income due at a later time. I would highly suggest a credit check for your own security.

I have done lease purchases with clients and they have been successful; however, do suggest you consult with an attorney for your own benefit.

Best to you!

JoyceM
Joyce Mitchell is a Realtor? with Mitchell & Associates Real Estate in Bigfork, MT.

A: There is no upside to this arrangement for you. You pay your mortgage and your taxes and they live in the home and perhaps decide they don?t like it or they trash it or they can?t get a mortgage after a year becuse one of them lost their job. Etc. ect. Get it back on the market and if they want to buy it they will figure out a way.
Linda Walters is a Realtor? with Sage Realty LLC in Wayne, PA.

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