Lease Purchase / Options

6 Replies

My last rehab has had a series of issues which pushed things out further than I expected. It hasn't sold fast enough so I decided to utilize my exit strategy of doing a lease purchase. I would like to discuss this with anyone skilled in this area. Also, is there place or association that I could go to that specializes in this? I'm in the Washington DC Metro area.


@Mark Cruse

With sales in the DC area as brisk as they are, what problems are you having?


Well it's been on the market for 2 months and it's tying up a lot of other things I wish to do. The problem is that it's small which makes the pool of buyersmuch smaller. Many people come through for viewing but if they had a decent size family it can get cramped. Most that have showed interest were seniors.

@Mark Cruse , you say it "hasn't sold fast enough", but it's obvious from the rest of your post that it's not the speed of sale that's at issue, but rather, it's that you won't come down in price. (Because of course, giving them a lease with option puts eventual sale even further off). Which suggests to me: leasing it out without option could also be viable? And/or, just wait for the next prime selling season? Good luck...

If 60 days is way past the average selling time, reduce price. 

Time was of essence and I cut the price down some before. This and a few things were tying up my liquidity. I pulled the equity from it so I can participate in other projects. Id like to sell it eventually but since I have cash on hand now it's not as pressing as it was. I would prefer a lease option but if I can't get it I will rent for a wile.

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