Lease Option rookie, and wondering how everyone goes about screening their tenant buyers. What questions do you ask over the phone, ect. Any input is appreciated.
I agree, Doug. In addition, when signing a listing agreement, add the words "at closing and only if a closing takes place." to the area in the listing agreement where you agree to pay a comission.
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I have had this happen several times. In each case the agent has had no problem waiving any fee. If the rentor actually completes the l/o then I give the agent a check for $500 or so AFTER the closing.
Legally IMO if you enter into a lease option and pull the property from the market the RE really has no leg to stand on as by the time the rentor excercises their option it will be at least a year and the sales contract will have expired long ago.
[addsig]
I agree, Doug. In addition, when signing a listing agreement, add the words "at closing and only if a closing takes place." to the area in the listing agreement where you agree to pay a comission.
[addsig]
Let us know how this listing goes, sounds like some good information for all of us.
What I usually do is call my agent up and tell him I have a marketing fee for him if he can find me a TB.
I have had this happen several times. In each case the agent has had no problem waiving any fee. If the rentor actually completes the l/o then I give the agent a check for $500 or so AFTER the closing.
Legally IMO if you enter into a lease option and pull the property from the market the RE really has no leg to stand on as by the time the rentor excercises their option it will be at least a year and the sales contract will have expired long ago.
[addsig]
Any help out there!