Re: [MBZ] OT - Lease-to-Own
Around here we have a large number of military folks who are typically career officers who are on their last tour/assignment and are looking to find a place to live more or less permanently. The big problem right now is that even with the housing market in the dumper, prices haven't dropped to a point where they are affordable for people like this, especially because they usually don't have the money for a decent down payment. Prior to the big balloon in home prices this area was very popular with military folks and highly recommended by the base housing office. I think that at least three houses in my neighborhood have gone lease to buy in the last year, all to military people, most of which had a three year lease. We're looking at various means of selling our place in the near future, mainly because my youngest will be graduating from high school in a couple of years, and we're ready for a condo. One of the nice things about having lessees like this is that you know they're a captive audience, if the military decides to move them they will buy out the lease, they're not going to trash the place, and in a lot of cases they're looking for someplace to land permanently. FWIW, Florida has a law that prevents the lessee from selling or transferring their interest. That is, the lease cannot be assigned by the lessee. Dan --- Timothy Robinson [EMAIL PROTECTED] wrote: In my case, Dan, I was young and paid in earnest a ridiculously generous amount with the contract (realtor submitted). Looking for last minute shopping deals? Find them fast with Yahoo! Search. http://tools.search.yahoo.com/newsearch/category.php?category=shopping ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
[MBZ] OT - Lease-to-Own
Anyone here ever sell a home/property using a lease to own agreement? If so, drop me a note off list, please. Thanks, Dan Looking for last minute shopping deals? Find them fast with Yahoo! Search. http://tools.search.yahoo.com/newsearch/category.php?category=shopping ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT - Lease-to-Own
I bought a house once with a lease to own arrangement. All of the terms were spelled out including the purchase price should I want to exercise my option. The property increase in value and I actually sold my contract to an interested buyer. I made the gain on the property, market value above what my option price was. Needless to say the owner was furious. From: LWB250 [EMAIL PROTECTED] Reply-To: Mercedes Discussion List mercedes@okiebenz.com Date: Sat, 8 Mar 2008 15:13:28 -0800 (PST) To: Okie Benz mercedes@okiebenz.com Subject: [MBZ] OT - Lease-to-Own Anyone here ever sell a home/property using a lease to own agreement? If so, drop me a note off list, please. Thanks, Dan __ __ Looking for last minute shopping deals? Find them fast with Yahoo! Search. http://tools.search.yahoo.com/newsearch/category.php?category=shopping ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT - Lease-to-Own
Thanks, Tim. How much of premium above what would have been considered normal rent did you pay, and how long was the lease for? Laws vary by state, as in some you cannot sell or transfer your interest as the lessor. You were lucky to do so. Dan --- Timothy Robinson [EMAIL PROTECTED] wrote: I bought a house once with a lease to own arrangement. All of the terms were spelled out including the purchase price should I want to exercise my option. The property increase in value and I actually sold my contract to an interested buyer. I made the gain on the property, market value above what my option price was. Needless to say the owner was furious. From: LWB250 [EMAIL PROTECTED] Reply-To: Mercedes Discussion List mercedes@okiebenz.com Date: Sat, 8 Mar 2008 15:13:28 -0800 (PST) To: Okie Benz mercedes@okiebenz.com Subject: [MBZ] OT - Lease-to-Own Anyone here ever sell a home/property using a lease to own agreement? If so, drop me a note off list, please. Thanks, Dan __ __ Looking for last minute shopping deals? Find them fast with Yahoo! Search. http://tools.search.yahoo.com/newsearch/category.php?category=shopping ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com Never miss a thing. Make Yahoo your home page. http://www.yahoo.com/r/hs ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT - Lease-to-Own
I would email regina on that, she is the real estate expert around here. LWB250 wrote: Anyone here ever sell a home/property using a lease to own agreement? If so, drop me a note off list, please. Thanks, Dan Looking for last minute shopping deals? Find them fast with Yahoo! Search. http://tools.search.yahoo.com/newsearch/category.php?category=shopping ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com -- Kaleb C. Striplin/Claremore, OK 94 E420, 92 300SD, 92 300D, 92 250D Turbo, 92 300E 4Matic, 91 300D, 90 420SEL, 89 560SEL, 89 260E, 87 300SDL, 85 380SE 5.0 Euro, 84 190D, 84 300D euro manny, 81 240D, 81 380SLC, 80 240D, 76 240D, 76 300D, 72 250C, 69 250 http://www.okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
Re: [MBZ] OT - Lease-to-Own
In my case, Dan, I was young and paid in earnest a ridiculously generous amount with the contract (realtor submitted). The owner was banking on the fact that I wouldn't be able to secure financing for that type of house in the twenty-four month term of the lease option. In other words, she was counting on my forfeiting that amount at the expiriation of the lease. I, on the other hand knew the house had been on a slow market for a long period of time and the seller was cash poor as she had another house she really wanted on a contingiency. The purchase price we had set on the option was ridiculously low. I was gambling on the fact that an out of town couple had looked at the house several times (two doctors planning to relocate to the area) and simply were waiting to make an offer on the house. My lease option actually took it off the market. That couple approached me within a month begging me to sell the house to them. I did, at full price. They paid me the difference and assumed my option to purchase at the previously agreed price. That's why I say the owner was furious with me for I sold at the full price within a month. I netted a $35,000. gain in the month. Selling the option was quite similar to any other real estate transaction as it involved a closing. I recall that I had just filled the oil tank for the steam boiler. Fuel oil was something like $0.89 a gallon at the time. At closing I was paid $2,600. for the measure of fuel in the tank. (Wonder if people take such thing into consideration now? Today it would cost $9,800. to fill that tank. To heat that old barn required over two tanks per season. On subject of lease/option to buy, usually you establish what would be fair market value for rent and the excess payment is applied toward a down payment. It used to be a creative way for an owner to sell a hard to move property and was a way for a buyer to get into a property and accumulate an amount of equity to qualify for a mortgage. Usually that additional amount was forfeited if the option wasn't exercised within the term set forth. (similar to open end auto lease). There were also some tax benefits for the seller as the term of the lease the property could be treated as rental property and the sale price (exercise price) was often lower so capital gains were less on paper. I don't think lease/options are as common today as they were in the early 1980s when interest rates were so high. From: LWB250 [EMAIL PROTECTED] Reply-To: Mercedes Discussion List mercedes@okiebenz.com Date: Sat, 8 Mar 2008 15:54:38 -0800 (PST) To: Mercedes Discussion List mercedes@okiebenz.com Subject: Re: [MBZ] OT - Lease-to-Own Thanks, Tim. How much of premium above what would have been considered normal rent did you pay, and how long was the lease for? Laws vary by state, as in some you cannot sell or transfer your interest as the lessor. You were lucky to do so. Dan --- Timothy Robinson [EMAIL PROTECTED] wrote: I bought a house once with a lease to own arrangement. All of the terms were spelled out including the purchase price should I want to exercise my option. The property increase in value and I actually sold my contract to an interested buyer. I made the gain on the property, market value above what my option price was. Needless to say the owner was furious. From: LWB250 [EMAIL PROTECTED] Reply-To: Mercedes Discussion List mercedes@okiebenz.com Date: Sat, 8 Mar 2008 15:13:28 -0800 (PST) To: Okie Benz mercedes@okiebenz.com Subject: [MBZ] OT - Lease-to-Own Anyone here ever sell a home/property using a lease to own agreement? If so, drop me a note off list, please. Thanks, Dan __ __ Looking for last minute shopping deals? Find them fast with Yahoo! Search. http://tools.search.yahoo.com/newsearch/category.php?category=shopping ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com __ __ Never miss a thing. Make Yahoo your home page. http://www.yahoo.com/r/hs ___ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
