Can I Get Some Advice From The Veterans Please?
Ok, heres the situation. Im 22 years old and have never done a lease option before, but I think I found a situation that has potential. A lady I know has had her house on the market for over six months in michigan. She is currently living in Virginia. The FMV of the house is $120,000 and she is asking only $90,000. I believe she owes $30,000 on the mortgage. Her brother has been making the payments on the house for her and she is in the hole with him for $6,000. She has just received an offer on the home for $75,000 and she is considering accepting it. I think it would be beneficial her and me if she did a lease-option instead of selling outright for such a low price. My problem is, I have never done this before and I am unsure of how to approach her with all the proper information so that she can seriously consider the possibility of doing a lease option. Will she be able to secure another mortgage if she has proper documentation for lease optioning her current home?I know it is a very broad question, but any input or suggestions will be greatly appreciated.
A L/O should relrease 75 percent (in some cases 80 percent) of her income-to-debt ratio.
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