Lease Option 101
What happens if you exercise your option, but your tenant-buyer ends up not getting qualified for a loan? Are you still obligated to purchase the home from the seller at that time, or can you exercise the option again at a future date with another tenant-buyer? Thanks.[ Edited by GR8RealEstate on Date 11/08/2004 ]
Sometimes closings start but are delayed--or don't finish at all. As long as you are making the rent payments to the Seller (or to his lender, depending on how you structure it), you can make other attempts.
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