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Using a lease option can be a good way to sell a property that you are having difficulty moving. Here are a few tips to keep in mind when you are negotiating lease option terms with a buyer.
1. Purchase Price
When you are negotiating, you need to put an emphasis on the eventual purchase price of the property. Since you are going to be selling the property at a date in the future, you need to make sure that the property is priced fairly. You do not want to discount the price of the property because it will most likely appreciate while the individual is renting the property. Try to get as much money as you can out of the purchase price.
2. Down Payment
Whenever you are negotiating, you need to make sure that you also put an emphasis on the down payment amount. You do not want to allow them to secure the contract with a minimal down payment. If you get a larger down payment, they are going to be much more likely to stick with the program.
3. Repairs
In the contract, you want to be sure to specify who is going to handle repairs. Many times, this arrangement leads to confusion when it comes to repairing the property.
