We have a house that is supposed to close next week and the buyer is asking us to do a Lease Option for 3-6 months instead of them purchasing the house as planned. We are under negotiations and the ball is in their court with an addendum.
The buyer went around the realtors and I do not think that would be ethical. If she has a legitimate reason to do this, should we just refuse, bring it to our agent for discussion to see if there is another option?
Kind of confused on what is legal and ethical.
If we work out a lease option, should / can we do that through the RE Agents?
Would they get paid then if / wen the buyer executes the lease or would we owe the agents at the time we lease it?
First, you’ll still be liable for the commission.
Secondly, and more importantly, the buyer trying to do this tells you what kind of person you are dealing with.....you won’t be able to count on whatever revised deal you make. Without a HUGE option fee, you are asking for trouble.....he stops paying, fights eviction (in our state if you give them a lease option, they have an “interest” in the property and can not be simply evicted.
My initial reaction is “if you can’t close, bye bye”.
I don’t know how well your agent vetted their ability to buy before going into contract. Usually, 3 mo.s won’t make any difference in them qualifying.
Thank you Wayne,
I agree. I think we will just let the deal die. May be better in the long run for both of us.
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