How to Sell a Difficult Home; Consider Lease-Option Financing

Bob Bruss is a real estate expert. He answers questions from owners, buyers and sellers from around the nation. One recent inquiry dealt with the quandry of a “difficult” home sale. To wit:

DEAR BOB: We own a home in a popular vacation area, but it is only a two-bedroom, one-bathroom house. However, it is in a very good location and is in tip-top condition. Last August we signed a 90-day listing with a superb realty agent.

She warned us the average sales time in the market was about 150 days. We only received one “low-ball” purchase offer. The house has been off the market since our listing expired. We have talked with several other local realty agents and they all advise us the market has “slowed” in the last few months and two-bedroom houses are not in great demand. Although we don’t have to sell fast, we want to sell because we rarely use the house. What would you do in our situation?

DEAR DAREN: You own what is known among real estate agents as a “difficult house.” Over the years, I’ve bought and sold my share of such residences, although I didn’t know they would be a “difficult house” when I purchased.

However, when I decided to sell, I found one technique always works: The method is a lease with option to purchase.

Most real estate agents will never tell you about lease-options. The reason is the agent has to wait for most of his or her sales commission until the option is exercised, often a year or two in the future.

Personally, I bought my current home with a lease-option. The sales agents had to wait about six months to receive his commission until I exercised my option after I sold my previous residence.

Is a lease option right on your Florida home loan? This is a decision only you can make. Under certain circumstances, it can enable buyers to plan ahead and avoind various financial pitfalls.