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Rent vs Buy in Weare : Real Estate Advice

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Wed Jan 13, 2010
Scott Godzyk answered:
Melanie especially if you are not going to be here, you will want an agent to assist you in managing your home, looking after your interests and setting up a lease and purchase and sales agreement for the lease purchase. Before you sign a lease or purchase and sales, you want to make sure teh tenant is prequailified to even be able to purchase in this price range, then you need to know how much time they will need to be able to get a loan and what steps are needed so they quailify. If they dont quailify for that price now, chances are they wont be able to in a year either. First thing is you need to set up the lease in your best interest, it will need to outline what you are responsible for, what the person renting is responsible for, length of teh lease and what happens if your tenant defaults. Just as important is setting up a purchase and sales agreement in your best interests. Just as important the lease will need to outline the time limits to purchase, when they have to let you know, what happens if they do not purchase and what will take place if they do purchase. It will be written much like a standard purchase agreement however it must include details of the lease eoption, how much if any of the rent you will credit the buyer if they do close. This will state the price and lock in the terms for you. You really need an agent or attorney to asisst you with doing this right, the repercussions of doing it worng could be disasterous especially if you are out of state. If you need assistance with all of these steps i would be more than happy to assist you, just simply email me direct or call me at 661-2121 and i can go over the details. Whatever you decide, i wish you good luck with your move. ... more
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