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Updated over 10 years ago on . Most recent reply

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57
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48
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Joey Wharton
  • Colorado Springs, CO
48
Votes |
57
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What should I offer in an early buy of a Lease Purchase contract

Joey Wharton
  • Colorado Springs, CO
Posted

Hello follow BPers! 

I'm six months into a 2 year Lease Purchase on the current townhouse I am residing in. Owner is asking about closing unit now. I'd like to make a "buy now" offer and would love some suggestions on what to offer. These are the numbers:

3/3

Purchase price: 138,900 (within 1 yr), 141,400 (within 2 yrs)

Down paid: $5,000

Monthly rent: $995 (I clues taxes, ins, HOA)

Market value at time of purchase was $138k (6 MO ago)

Current value: 2bd/3ba, unit (same Sq ft), higher end kitchen on busy side of road was just listed at 161,900 went under contract within a week. Still pending.

I estimate value of this unit around $155k as is, projecting about $170k at the end of the 2yr agreement.

Current market rent $1500.

No mortgage on property 

Should I make an offer, she wants to sell now due to personal reasons. She's also asking about taking posession back. Or should I wait out the 2 year period? If I bought now I would want to flip it or continue to live in it for another 6mo - 1yr, but not turn it into a rental.

Maybe she's giving me a story since she realizes she sold herself short.

I look forward to the feedback!

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