Lease Option Coaching Questions
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Here is a lease option coaching question that I received recently. When I do my lease option coaching, my students can ask me anything they like about their lease option deals. Some of those I have share on my blog. I hope you enjoy them. Feel free to comment if so.
Hello Wendy or lease option coaching staff,
I sent out postcards this week and just got a response from a homeowner who seems to be the perfect candidate for a lease option. She owns a condo town-home, which is my concern. Can this work with condo owners?
Sure IF you are in an area where condos are a "cool" or a "good" thing to own. I live in the Michigan, and they are not the best here (but a few select areas), but in Chicago they are very hip. A lease option can work with a condo in the right areas. Consider though who will pay the HOA (home owner association fee) - I would want the seller to remain responsible for this fee.
Single woman in a three bedroom, three floors town-home. Wants to go to live in Germany part time and stay with her son here in NJ the other months. She has a lower mortgage (has not told me exactly what yet) and is willing to rent, no problem, and pay for the monthly HOA. When I mentioned would she sell she said yes! She did ask me what I charged to do this and I told her nothing through my company. She asked how I make money then and I told her through the buyer. I also revealed I am a licensed Realtor and that I could charge commission.
The property was built 2003 and she bought it new.
The lady revealed that she has an appointment with a Realtor friend from the complex a few hours after my scheduled appointment with her on the weekend.
Please advise regarding the above. Thanks and I look forward to hearing from you.
What does the seller REALLY want to do? Sell out right or get some cash flow? The other important thing when dealing with any home owner that is considering a lease option with you and has suggested that they might list with a real estate agent is that you have them ask their Realtor to "Make YOUR NAME an exclusion to the listing contract".
This is Realtor language to protect the seller and you from the additional fees that would be charged if this were not in their agreement with their agent. Write this down - as it is the exact language used by most real estate agents in the business. This way if they don't sell it and you buy it the owner is not responsible for commission. If they don't put this in there it will affect the seller's bottom line and therefore yours also.
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