08-29-2007, 04:23 PM
Lotus...we moved here one year ago September...the bottom of that real estate boom kinda dropped out in Arizona after we spent a few years totally remodeling our home there. We put it on the market and you could hear the proverbial brakes squeal!
So...our realtor in Arizona found a guy who is a business man who is going through a divorce now and doesn't want to acquire property for obvious reasons. We have our house on a lease option to purchase...24 months. November will be one year and just one more to go. His lease payment pays the mortgage and half goes toward equity for his purchase of our house...if he doesn't purchase within the 24 months we get it all back...so with his deposit and monthly equity, it behooves him to stick to the contract. If he doesn't we haven't lost a thing.
Needless to say, it will be a welcome relief when the house sells, since our mortgage here will drop significantly. But considering the state of real estate and the glut of homes on the market, waiting a while for the sale is worth it to us in the long run. Hope this helps.
Carrie
"All I can say about life is, Oh God, enjoy it." Bob Newhart
So...our realtor in Arizona found a guy who is a business man who is going through a divorce now and doesn't want to acquire property for obvious reasons. We have our house on a lease option to purchase...24 months. November will be one year and just one more to go. His lease payment pays the mortgage and half goes toward equity for his purchase of our house...if he doesn't purchase within the 24 months we get it all back...so with his deposit and monthly equity, it behooves him to stick to the contract. If he doesn't we haven't lost a thing.
Needless to say, it will be a welcome relief when the house sells, since our mortgage here will drop significantly. But considering the state of real estate and the glut of homes on the market, waiting a while for the sale is worth it to us in the long run. Hope this helps.
Carrie
"All I can say about life is, Oh God, enjoy it." Bob Newhart
Carrie
http://www.carrierojo.etsy.com
http://www.vintageandvelvet.blogspot.com
"Freedom has a scent like the top of a newborn baby's head..." U2
http://www.carrierojo.etsy.com
http://www.vintageandvelvet.blogspot.com
"Freedom has a scent like the top of a newborn baby's head..." U2