RentToOwn-HouseFinder.com
if I lease-purchase a home, can I sell the option?
And make money on the sale? For example, I lease purchase a 70000 home for 500 month w a $1000 dollar option fee. I find someone who wants to buy the house for 79000 after a couple months. How do I swing that deal? Can it be done?
Public Comments
- good question, it would depends on the state and if it is legal check the department of real estates website
- Why would I come to you to buy the property instead of the owner. You are just renting the place with the option to buy at 70K so why would I pay you 79 when I could wait out your option and purchase it for say 72K?
- ask an agent or maybe i think you can.
- Yes, it can be done only if you have an option in your original contract with the owner that stipulates that or amend the contract with the owner to reflect those changes. " The right to sell your option to purchase" For example, when you are purchasing phases in development property, the earlier phases are cheaper, as the phases go on, it gets more expensive. Say I bought the right to purchase this unit at 300k in the first phase, put down a 30k deposit, and now it is the 6th phase, and a comparable unit goes for 500k, I could transfer my right to purchase for someone else for 100k, make 70k profit, with out ever owning the property. Both parties win. Same concept.
