Wow, you need to talk to a Realtor or attorney quick. After that call your insurance agent to find out what might be covered if you rented your expensive home. First things first, you want to sell they want to buy, great!
If they can pay you $12,500 a month on a month to month basis, great!
You have to ask your self a few questions,
1. can I pay for the home if I have to evict them? and for how long?
2. Why would they lease your home at such a high rate?
3. What happens when they donâ€™t pay?
4. More importantly when do you get your rent?
If they are asking you to take payment at the end, there is no way that I would enter this type of agreement even with a bunch of cash upfront. I know it might be tempting, but someone that wantâ€™s to buy a 1.5 million dollar home that has cash flow issues isnâ€™t the most stable renter. And you canâ€™t afford to have a free loader in your home to trash it while not paying you a dime for months. Other considerations are HOA fees, your lenders policy and moreâ€¦
Get a good attorney or broker that has worked lease options or purchases. A commercial broker or attorney would probably work best as it is going to be a more in-depth contract.
If it is a good deal for you, get it done. But do it right or you will be paying for a long time.