Howdy folks. Anyone do lease options in the great state of Texas? Because I’m wondering what happens if the owner dies before you can sell the house.
This elderly lady wants to sell me her house too expensive to wholesale and the house needs little rehab.
And she’s in a nursing home. I think she has a terminal disease but I’m not positive.
Any advice will be greatly appreciated!
The reality is that while not illegal in Texas, lease options of more than 180 days in Texas have such stringent requirements that no knowledgeable person would even attempt one
Both of the above responses are worth considering for sure. However, you may also be wary of any purchase of a home from someone in or heading to a nursing home for the reason that if they are on Medicare or otherwise might not have the funds to cover all expenses with the nursing home, the seller might be pursued for payment via liquidation of any assets they have or have owned even in recent years prior as there is a look-back period for transactions that might not be at an arms-length.
I don't know all the details etc, just enough to suggest that you consider this aspect when doing any transaction concerning situations that might include such issues dealing with Medicare and or Nursing Homes. More research online, or in these forums is advisable.
Best of luck with your investing endeavors!