Hello,
I am currently in a Lease Option purchasing our first home.
However my grandparents have decided they now need to go into a retirement village and want to sell their home to pay for the new flat.I have always wanted to buy their home (its been in the family for 25years), but was hoping it would not be for some years yet when they passes away.
Knowing how much I love the home they have offered it to me first for $220,000.
I expect the home will bank value at approx $300,000 but will not pay to have this done unless I can source some finance.The house is very snazzy and upmarket.
Houses of basic design and landscape in her area are $250,000+
She has very well landscaped front lawn, enclosed carport, FULL inground concrete swimming pool I think it was 50,000 litres VERY big, very very nice landscaped back yard, with over 6000 pavers in a split level design.
Every single room has large double sliding doors, with shutters to most.
The lounge has double sliding to the back, and a very large bay window to the front with a UMR pargola extending about 2mtr.
Perfect in structure and well maintained, relatively modern kitchen however they for some reason decided to keep the same oven for 25years.Although I am in a Lease Option now I am keen to enter another if it means I can keep the family home, as they need to move into their village home ASAP as the size of the existing home and pool is far to dangerous for them.
I would like to ideally rent out my existing home and live in the family home, however i would be willing to walk away from this deal and loose all inc. deposit if it means I can keep the home.
The downside is I would have access to a very little deposit since I put it into this home.
But would be willing to pay a deposit off over say 6x mths.
I have a fulltime secure job, gross $2100 p/ft.
And can show lease option payment history here of $275 p/wk, although I know the new deal would be more due to the price.If you are willing to consider a deal, please contact me on 08-8283-4346 or email [email protected]
Thanks,
BenjaminWhy not do vendor finance with your grandparents at $300k. ie. get a mortgage of whatever the bank will give you (this way your grandparents have money for nursing home) and the rest is vendor finance with grandparents.
I dont like to hear stories of paying $220k when its worth $300k, esp the elderly.
The reason I can have it for that price is because I am family, and I have a passion for the home and have put allot of time into maintaining it for them.
They do not understand vendor finance and are unwilling to do anything like that.
I tried, but the old are the old.fman,
Did yo u say you were in Adelaide?
Its illegal to wrap there right?How would it work for someone to buy it and L/O it to you…ie..they would have to mark it up in price hence you don;t get it for $220k (assumeing they can buy it for that)
Is it correct to say you are looking for someone to buy the house from yr parents, and then sell it to you on a L/O ?
Can you sell the place you are currently in or does the lease option agreement prevent this, ie offer it for sale, and if it sells, exercise your option..
If this is possible, will it sell for more than your exercise orice, or even for the same amount ?It would be better to do this than to walk away from it and forfeit all you option fees paid to date..
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