Can anyone help??

Ok so i just got my first lease option deal with this couple..their trying to sell their house for 710,000 and has been on the market for about 2 months they said.

They do not want to lower the price

What i am trying to do is trying to find a buyer before my option ends and pretty much do a simultaneous closing. buy the option and sell the house. I told the owners that anything i sell for over 710K we split the profit.

This is the part i need help with.

How do i market the house..whats the best way to sell it and will get the most looks on the house

Also when i find a buyer..how do i do the agreement. What forms do i need..do i need a lawyer...Do they pay in check???

Edited: 06/26/2010 at 10:32AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
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Icon_minipost Nov 16 '09, 11:47 AM

Did they have it on the MLS? Have they had any lookers? This just doesn't sound like a winner unless you have buyer's in your hip pocket or they have done nothing to sell it.

Edited: 06/26/2010 at 10:32AM

Jon Holdman, Flying Phoenix LLC

Ryan Webber

Wholesaler · Amarillo, Texas

1887 posts
5703 Influence
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Icon_minipost Nov 18 '09, 12:24 AM

I agree with Jon. A $710,000 house is not the market you want to be in right now. You sounds like you are pretty much acting as a realtor, and the realtors that succeed at that level are well established, well respected, and have very strong networks.

Now how much is the house worth realistically? I know there are investors at every level, so maybe if the house is realistically worth $1.2 million or more then you might be able to find a "quicker" buyer. Those types of houses can take a year or more to sell even when they're priced well. I think you might be barking up the wrong tree.

Edited: 06/26/2010 at 10:34AM

Account Closed

47 posts
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Icon_minipost Nov 18 '09, 01:04 AM

I agree with Ryan and Jon. If the deal has been on the MLS for 2 months and if it was actually a great deal, it would have been snatched up in a hurry (less than 2 weeks)...

I would suggest re-negotiating the amount of the option and try to get it down well below market value, or you don't have a deal.

I know that can sound discouraging, but its best to get out early if its not a good situation.

As far as selling a home, we do a great many things. But, some of the things I would suggest is:
-post it to biggerpockets
-post to vflyer (which will distribute it to dozens of places)
-post to Craigslist (Vflyer can also do this)
-post it to your local rehablist.com
-Begin building your buyer's list (most important)..you will find several investors advertising in your local Penny Saver...you can call them to begin building that list.

These are beginning strategies, but an easy way to get started.

Hope that helps!
Blake Templeton

Edited: 06/26/2010 at 10:34AM

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

3895 posts
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Icon_minipost Nov 18 '09, 03:29 AM

I don't think you would want to even try to "lease option" something in this price range. You might want to try the use of a "flex option" for this one, since this document does not lock you into having to deliver a buyer - but it gets you in the deal if you find a buyer. Search the forums for this since there are already a few threads on "flex option".

Edited: 06/26/2010 at 10:34AM

Eric Medemar

Real Estate Coach · Grand Rapids, Michigan

204 posts
2079 Influence
8 Awards

Icon_minipost Nov 18 '09, 03:39 AM

If you need to find buyers quick I've got some pretty good posts on here that you may be able to find a fair amount of buyers in the next week or so....

I don't have time to track them down but look for my HUD hound method, Reverse MLS Method and Game Changer.

I've posted all 3 of them here at one time or another. I am the only person I know who teaches them so you'll have to get them here if you want them in fact.

Good luck

Edited: 06/26/2010 at 10:34AM