If you have a mutual cancellation with instructions for escrow to return your deposit and you don't sign it, then escrow must hold on to the deposit per standard CAR instructions. It's not a threat, just procedural. You should discuss with your real estate broker how this should be handled as we're not in position to offer you advice.... more
Your strategy should be based on how much you want the home and what the recent comparative sales suggest that it should be worth. If it is listed below market value (and many of them are), the question should be how much above, rather than how much below. Remember that you are probably not the only one writing an offer on this home. You are probably in a competitive situation.
Your agent should be able to advise you on valuation based on recent sales.
Bernard Gibbons, DRE License # 01331583
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585 - email@example.com... more
It's hard to say why it came back to the market. It may not be inspections. It may have more to do with financing options. If you need me to research this for you, please call or email me and I'm be happy to do some leg work.
Are you looking for anything specific this place has to offer?
Normally in a Lease option SOMEBODY ALWAYS loses! Normally you pay rent plus an agreed upon amount that goes to down payment that is NON-REFUNDABLE. This then is the premium that you pay for the option to buy the home at the end of the time period.
Lets say you get a two year option. First of all do you price the house now? Lock in today's market price? If not, then WHY do you want a lease option? During the course of two years the price will either go up or down, most likely it will NOT stay the same. If it goes UP a lot (or more than originally anticipated) the Seller will lose because he could sell the home at a higher price. If the house goes DOWN (at all) then the Buyer has agreed to pay more for the house than it is worth AND will LOSE his option money as well if you want to cancel the deal at that time.
IMHO, Better to rent and then buy as soon as you can. Even when this market starts going back up it will only (or hopefully should only) increase at a pace slightly ahead of inflation, say 3% a year.
Taking the risk on a home that may still decline in value or that the seller will do everything possible to cancel your sale is not a risk that I recommend.... more