Lease Option About The Down/Option Fee
I want to sell my house using Lease Option. Sale price is set at 58,000 with a two year lease..What is a reasonable asking for down/option fee at this price? Is the money mine or do I need to hold on to it and put it towards the mortage if the leasee choices to buy in 2 years?
Lease Option King, thanks for all of your advise. I have read a lot of you advise on the other postings and was glad to get a reply from you. Thanks for taking the time! It sounds like I need to take a contract course for Lease Options..and be hard to the point of scary on my renters. Thanks!
Lenders are inconsistent when allowing rental credit to go towards additional option consideration. What is the fair market rent? Lenders will look at this. If the amount you are trying to add as additional down payment is above fair market rent AND is paid in a separate check, you should be okay. The escrow advice is very good, as well.
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