Question About Selling a House w/ Lease Option.

Asked by Yvette, Florida Tue Feb 19, 2008

I have a Ski Lake Front Home in Land o Lakes, fl. 2538 square feet. The home has a dock, seawall, fenced in back yard, 4 BD 2 BA and has a lot of upgrades. I searched for homes in this catagory and I could not find any for lease on a ski lake. Appraisal value $455,000.00. The house is to big for me and I see a family living here. I bought another place so I will be ready to move in May 2008. My question is; in this current market what would be better; to lease the home for a year and then sell it or to offer the home for sale with a lease option. I was told very negitive things about "who is attracted to lease option home purchasing" ; credit scores, etc. I don't know. I do not want the home left empty. Thank you in advance for your time.

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Ines Hegedus…, Agent, Miami, FL
Tue Feb 19, 2008
Yve - in today's slow market - being flexible is key to a successful sale. I recently wrote an article about options that may be helpful to you because it identifies pros and cons and what they are really about.
As for "negative things about who is attracted to lease option home purchasing" - I have to tell you that you cannot fall in stereotypes and believe heresay. You need to make sure that your real estate professional knows what they are doing and guides you in the right direction.
Good Luck!
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Gary De Pury, , Pasco County, FL
Tue Feb 19, 2008
As a Land O' Lakes Broker I can tell you that.....Huh? What? ... Who said what about Lease Options.....???

Here is who is attracted to Lease Options....Everyone who sees the value in locking a place is at todays or tomorrows dollar amount while waiting to see what the market does.

Put yourself in the buyer/consumer shoes. (I prefer a nice golfing shoe or maybe deck shoe) You don't know what the market is going to do, so you "option" a property. You lock in a future purchase price with a contract which will expire in one or two years. If the property value goes up, you exercise the option and close, but if it goes south, you can just walk away leaving the seller in the same place.

I have done several Lease and/or Purchase options and here is what I have found. The Tenant takes mental ownership and begins to take better care of the property than a regular renter. They feel a tangible connection to the property and begin to repair small items that you would normally have been called to take care of. (I had a call about a year ago that the ice tray was empty)

What you must do is figure out what you believe the market is going to do. There are many opinions here on Trulia, but I have found that everyone above 30 who has seen this market before is pretty optimistic. There are a few young'uns who are screaming that the sky is falling...but then there always are.

Talk to your CPA, and any other decision makers in your home and if you need any advice, there quite a few qualified REALTORS here on Trulia, including yours truly.

Gary De Pury
Bay Vista Realty
Director, Florida Association of REALTORS®
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