Depending on how the contract for the lease option is drawn up, you can indicate that the agreed upon selling price will be discussed later. If you think the market is going up, this is a benefit.
If the seller needs to postpone closing on the unit for tax or other reasons, a lease option is a benefit.
Rhona Magelowitz, Broker, CPM, Title Closer, Notary
Forest Hiils, Queens, NY 11375
347 262 2421
Have a great day;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
1. Have a potential buyer secured for the property.
2. If the buyer does not exercise the option they may have been able to recieve higher than market rent on the property.
3. They will have more potential buyers for the property.
The down side for the seller:
1. Depending on the agreement, they may not be able to sell to anyone else during the option period.
2. They are locked into a price for the sale due the option. If the property value goes up the seller could loose some of his potential gain.