The market is a little slow and everyone needs a place to live, plus sellers are a little more motivated than they have been in the past few years. Some of my out of state property seller’s, have vacant homes or condos and would consider renting if it could turn into a sale.

The upside for the buyer is they have time to improve their credit rating; they can negotiate a fixed price in advance of the sale and often can accumulate some credit with the seller to be put towards their closing costs.

The seller gets a tenant who will treat the property well since they intend to buy it at the end of the lease, and may even have some improvements made to the property along the way. To alleviate the concerns of a seller in a recent lease with the option to buy deal it stipulated that the property remain on the market and if any back up offer was made the current tenant would have 5 days to match the agreement or step aside and let the third party move forward with the purchase (and vacate the property in 30 days upon notice). This agreement will allow the seller to keep looking for an immediate buyer, and motivate the tenant to complete the steps necessary to buy the property as soon as they are able. These agreements are drawn up as separate lease and sales agreements, (with each referencing the other) have security deposits, and good faith sales deposits in order to keep the contracts legal and binding on all parties to the agreements.

Looking for a creative solution; Call Alpine Lakes Real Estate for more information.