We made plans to go look at some of the areas of houses that we found on the internet. Our first priority was to clean the house. Rachel said, “I just keep thinking that if I keep this house clean, someone will come look at it.” All day she kept saying, “Why isn’t Emily (Rachel’s sister – our real estate agent) calling?” She was really expecting someone to go through today while we were gone. As we were driving back home she was really frustrated that no one called to see our house. We made pizza for dinner. As we were eating and talking, Rachel said, “Shhh! What is that?”. I responded casually, “A truck?”. “I thought I heard it pull into our driveway.” I said, well, maybe the stopped to take a flyer. She complained that it was too dark and and people couldn’t see the sign. Then I started mocking her by saying, maybe we could put up some spotlights and set it up so when people open the flyer holder to take a flyer we trigger speakers to start playing a choir of angels. About then we got a knock on the door. A family was in the area looking at another house and really wanted to see ours. Rachel invited them in and we showed them around. Unfortunately, they don’t have good credit and were wondering if we were willing to do a lease option. I really don’t think that would work for us because we need to sell so we have money for a down payment on our house. Still, I was quite impressed with Rachel’s faith that brought a family through our home today.
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You can do a lease option and get a new house.
The bank wants to see gross income. If you rent it out for market rent plus an extra $200 as a refundable option payment (only if turned down for the mortgage) and agree to rent out for 24 months for the market to change, and sell the property for appraised value, then the new tenant-buyer has nothing to lose.
The bank generally credits 75% of whatever collected (due to vacancy), so 75% of market rent + 20% = about 100% of market rent.
We coach lease options at http://www.reiskills.com. Feel free to look around.
All the best,
Brian
22 years experience.