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Updated about 10 years ago on . Most recent reply

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Brian Eddings
  • Investor
  • Bloomington, IL
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First time post - Need advice

Brian Eddings
  • Investor
  • Bloomington, IL
Posted

I have a property that I have been renting for about 2 years now and the current renters are attempting to purchase the property. After a long negotiation we have came to a mutually agreeable price however, due to their current situation (finalizing a divorce) they wont be able to go through with the purchase for about 6 months. I would like to lock this in to prevent this negotiation from going back and forth over the next 6 months. Should I have them sign an option agreement or would I be able to do an actual purchase agreement this far out? Appreciate any advice. 

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Nicholas Crum
  • Property Manager
  • Jupiter, FL
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Nicholas Crum
  • Property Manager
  • Jupiter, FL
Replied

Personally, I wouldn't sign anything with them. You never know what can go wrong with a divorce. Have you thought about just listing it to see what interest it creates from buyers? You may get more from listing it than dealing with the current tenants. I would tell them you are going to list it to see what happens until they can afford to actually purchase the home. Just because they are renters doesn't give them first right to purchase the home.

I hope this helps.

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