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I just got an offer on a spec home I built for full asking price. The only catch is that the buyer wants to delay closing for 6 months and lease the home from me in the mean time.
I have in the past sold a home (my personal home) through a lease with OPTION to buy when the housing market went south in Charleston and I was moving with my former job. That worked out fine, but my instinct with this one was to say no. The bank I got my construction loan trough offers very low closing and loan costs and I have countered with an offfer to help with those.
I would appreciate any feedback.
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Brian -
Dunno - perhaps go with your gut instinct. If they can lease, why can't they come up with the closing?? I have a friend who had a similar deal - the buyer was waiting for his house to sell. My friend had them put down $15k and pay "rent" until they closed. If they didn't/wouldn't/couldn't close, he kept the 15k. I don't know how he worked that deal, but it was a good way to encourage the buyer to close! There was also a time limit, like 6 or 9 months...
Good luck. Personally, I don't rent my spec homes!
*Brian, What if the deal falls through. Now you have a used spec house rather than a new spec house. To some people that is a big deal.Jay M.
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I just got an offer on a spec home I built for full asking price. The only catch is that the buyer wants to delay closing for 6 months and lease the home from me in the mean time.
I have in the past sold a home (my personal home) through a lease with OPTION to buy when the housing market went south in Charleston and I was moving with my former job. That worked out fine, but my instinct with this one was to say no. The bank I got my construction loan trough offers very low closing and loan costs and I have countered with an offfer to help with those.
I would appreciate any feedback.