Re: we also rented with option

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Posted by Christine Baker on August 10, 1997 at 19:03:05:

In Reply to: we also rented with option posted by Kristie Hampton on August 08, 1997 at 19:35:22:

You did NOT mention where you are. Real estate and tenant's laws vary by State and City.

If in fact you have a "Lease Option," you shouldn't be under any obligation. An OPTION gives you the OPTION to buy. Since you don't seem to be sure about this, you could have signed a contract to purchase.

: I guess I will see this sept 8th 1997, any advice will be welcomed.

I don't know what the significance of Sept. 8, 1997 is. The last day to exercise your option?

Nobody can give you answers without reviewing your written agreement. I recommend you READ your contract, and then consult with a professional (lawyer, broker) to make sure you understand what you signed and to get answers to your questions based on facts instead of wild guesses.

You SHOULD have done that BEFORE you signed the agreement.

It probably won't make you feel any better, but most lease-option buyers are in exactly your situation because they think it's the only way they'll be able to buy, they are not aware of the potential problems and they're too cheap to pay for unbiased advice.

If you want to purchase, you should establish MARKET VALUE for the property, get property and termite inspections, get estimates for the repairs, and possibly negotiate with the seller for contribution towards repairs, price and financing.

I hope you'll read EVERYTHING relating to Real Estate, Credit and Mortgages on the BayHouse web site before you sign any other contracts or loan applications. If you don't have the time and/or it doesn't interest you, don't buy. Chances are, you'll be much happier renting.

Good luck,

Christine Baker

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