Lease/option
Can a lessee try to market a property ( single family home) with a realestate broker) before they exercise their option to purchase. I drove by my property and was shocked to see a For Sale sign on it.
Of course, they are trying to sell it $100,000 more than their option price. Is it shrewd or illegal? They are using my credit and my capital to gain contol of a property. <IMG SRC="images/forum/smilies/icon_eek.gif">
[ Edited by PPerri on Date 03/11/2004 ][ Edited by PPerri on Date 03/11/2004 ]
Ouch!
Unless you have something in your Lease Agreement or Option Agreement stating the your T/B can't sell his option...sounds more on the shrewd side then the illegal side.
THX
Correct me if I am missing something, but as long as you are getting your option price, hooray for them. Now, it looks like you may have way under appreciated the property if they are able to sell at 100k over their option price, but it's just good knowledge for your next deal. If you felt it was a good deal when you set up the L/O, I'm sure it still is. Sounds like both you and the tenant buyer will walk away with cash in hand. (just don't dwell on 100k left on the table, it'll drive you nuts)