In thinking about the new year, I checked on a lease purchase I did a couple of years ago that will have the option coming up in 2013. Very interesting how these play out in the end.
If by the grace of God, the buyers actually elect to exercise the option for a change, I expect the appraisal will come back roughly $30,000 underwater. How many scenerios can play out at that point? Buyer walks and loses earnest money? Seller carries a second mortgage? The parties agree to reduce the price based on renegotiatinig the agreement? How long will this sale process linger, and now I wonder if it will ever pay off for all the work.
When business was good, I used to refuse to deal with rentals, period. Now, we are all scrambling for every scrap of income available, doing whatever it takes to reduce inventories and service our clients, often working much too hard for less income. I do still have limitations, and refuse to take listings I don't believe in, but it would by nice to return to the days of Camelot!
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