Tom and Sue,
Definitely confer with your Realtor and in the event you decide to do a "lease with option", you may want to have your legal counsel assist or review your contract. If you do an "Option" get a large non-refundable option fee.
Have your Realtor do another market evaluation (if they haven't been monitoring current pending & sold properties consistently). You may want to decide if it would be wise to reposition your property in the market and adjust the price. It may be wiser to take a little less now, to reduce your exposure in the future- on possible repairs, etc.
I know it is hard to hear, but if you really, really love your new home - and say you have to borrow an extra $10,000- on a 30yr mortgage- at 6% that equates to about $60/month.
You could end up selling the home for much less in the future, especially if your "tenants" can't close at the end of their option.

All the best to you!

Tue May 6 2008, 09:49

Please sit down with a Real Estate professional from your neighborhood, who will know about your local market and can advise you best - whether your home will sell in time or not! Also consult your Accountant/Attorney to work out the numbers and contract for you to see if this Lease to Buy option would work. Is there someone who has shown an interest to do so? Make an informed choice after you have explored all options . All the Best.

Tue May 6 2008, 09:36