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97527 : Real Estate Advice

  • All16
  • Local Info0
  • Home Buying7
  • Home Selling3
  • Market Conditions0

Activity 13
Dmise4, Home Owner in Grants Pass, OR
Thu May 5, 2016
Dmise4 asked:
Fwinter9620, Home Buyer in Grants Pass, OR
Mon Mar 7, 2016
Fwinter9620 asked:
Scott Godzyk, Real Estate Pro in Manchester, NH
Fri Aug 28, 2015
Scott Godzyk answered:
Trulia and Zillow do not edit listings, you have to have the agent that added them edit or remove them.
0 votes 2 answers Share Flag
Tina Lam, Real Estate Pro in San Jose, CA
Tue Jan 20, 2015
Tina Lam answered:
0 votes 1 answer Share Flag
Larry Velloz…, Real Estate Pro in Grants Pass, OR
Tue Dec 17, 2013
Larry Vellozzi answered:
Only after you have lived in the home 2 years. Then it is considered you main residence.
0 votes 4 answers Share Flag
Lana Lavenba…, Real Estate Pro in Grants Pass, OR
Mon Apr 27, 2009
Lana Lavenbarg answered:
I wou assume you can - but youknow what assumptions do. The best way to find out the way to lease the property is to speak with either your attorney or tax person to see if that works for both requirements. I don't know what other reason you would have for doing a lease in the corporate name. If I can be of service...please let me know. ... more
0 votes 2 answers Share Flag
Dp2, Other/Just Looking in Virginia
Sun Feb 8, 2009
Dp2 answered:
A lease option is a compound transaction that consists of 3 separate transactions (and contracts): 1) the lease (ie your rental agreement), 2) an option to purchase the property at a certain price with the agreed upon terms, and 3) a purchase and sale agreement (provided your tenant/buyer exercises the option). Typically, the option fee is non-refundable, but it usually gets applied towards the purchase price if the option gets exercised. You'll collect your normal security deposit, first and last months rent, and monthly rent along with another fee (basically a portion of the down-payment--which you should escrow because this usually is refundable [by law in certain jurisdictions]). Make sure you document all of this, and it would probably be a good idea for you to hire an attorney to help you set all of this up.

So, let's use some numbers to help bring this home. Let's say you want to sell your house to your tenant buyer for 150K, and your tenant currently pays 1K/month rent. Let's also say you're willing to take a 5% down-payment (7.5K), and an option (to purchase the property at 150K using an all-inclusive trust deed [aka wrap or subject-to mortgage]) for 1K that has to be exercised within the next 12 months. Basically, that means your tenant/buyer will pay you 1K for the option, 1K/month for rent, and 625/month for the down-payment.

Make sure to redo your lease. You can keep most of your current terms the same, but you should have your lawyer to specify a clause to ensure that the tenant has to be in good standing with his/her rent in order to exercise the option.
... more
1 vote 5 answers Share Flag
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