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Pricing a Lease-Option |
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My husband and I are going into an agreement with some friends of ours who are selling their home. We are renting the house for 2 years, with the option to buy at the end. We've been talking to our bank, and know that as long as we follow their advice, we'll be more than ready to purchase at that time. We need to decide, with the sellers, on a purchase price for the home in two years. Should we ask for the current purchase price, or the future one? With the way real estate has been going in our area, it seems like a gamble either way - prices have gone significantly down lately, so the future price could be higher or lower than the current one. What's the best way to decide? |
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Every lease-option contract is a bit different, and my first advice is to see that your own lawyer, preferably one who specializes in real estate, either draws up the contract or else reviews it before you sign. As for pricing -- there's no way I can predict future prices, not even in my area, much less in yours. You'll simply have to find something that seems fair to you and to your friends. |
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Edith
Originally published on June 22, 2007 |
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