Need Help With First Lease Option Deal
HI,
I am selling my house in California for $330,000, and found a buyer that loves it, she really wants it. Her house is also on the market, but does not show as well as mine, so it has been on the market for a month, with no serious lookers. Mine has been on the market for a week, and has a few people interested in it, but this lady REALLY wants it.
Her house is in Canyon Lake, gated community, very nice, they are asking $414,500 but it could use a new interior paint job, and scrape the popcorn off the ceiling, but other then that nothing major. Comps are around $425,000 It will sell eventually the way it is, but it could be on the market for a couple months.
She wants to put an offer on mine, but with a contingency for hers to sell. She has also said that she wants to get into mine with no money down. I would like to sell mine quickly
Here is my plan:
I would like to offer her a lease option for her house. So she can buy mine right now. I was willing to give her a deposit of $50,000 on hers in which she would use as a down payment on mine, therefore I would basically get the money back at close of escrow, but she says she wants to get into my house for no money down.
I could also offer a very small down payment to get control of her house, pay her monthly mortgage until it sells, and reduce the principle from the payments from the total price? I was going to try to discount her asking price by $10,000, becuase she does seem motivated, and again she wants my house. I would then sit on her house until sells.
She is concerned that she will not be able to get a loan without selling her house, but if she leases it to me, she should be fine right? It would then be an income producer for her until it actually sells in a couple months?
Is this too risky, or does it sound like a workable plan?
The $50,000 was for a down payment for her house, but that was before I found out she wanted to get into mine for no money down. I thought that would be needed in order for her to get the loan, but we can do it without it, that would be great
The actual option would be around $400,000 and just keep her house on the market at $414,500
Since her real estate agent will still be the selling agent, while I have the lease option, do you think the agent will lower the sales commission for me since I am moving her client into my house faster, and getting the agent a commission on my house faster?
I didn't know both houses involved real estate agents. That changes things. I don't see how she could expect to pay nothing down, all things considered. This deal isn't looking as favorable to me now.