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Lease Option To Sell

SaltyDog251 profile photo
  • Sunday, August 21, 2005 @ 03:36 AM EDT
  • 3 Comments

I know this has been gone over before but I am thinking of doing a lease option to sell a 3/3 house in Ft Myers FL. A realtor valued it between 260 and 275k. Right now I get 1300 a month rent which is a little low. What numbers should I use for a L/O? Down payment, terms, selling price etc? confused

Comments(3)

  • no photo
    SaltyDog25112th June, 2005

    Thanks

    Am I supposed to get a lender involved at the begining of the L/O?

    I thought I would leave it up to them to get financing.

  • LeaseOptionKing
    LeaseOptionKing22nd June, 2005

    Talk with a mortgage broker. After 12 consecutive on-time rent payments (verified with canceled checks), some lenders will treat the new financing like a refi (as if the T/B has made 12 payments on a mortgage). Credit is not generally a major factor, although credit score will be used to determine the interest rate.
    [addsig]

  • no photo
    eloandealer21st August, 2005

    Any bank not need that much seasoning?

    Thank you
    JOHN

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