After visiting Maui, I wanted to look into purchasing foreclosure real estate on a fee simple basis, to possibly for use as rental property. I live in Ohio, USA.
After visiting Maui, I wanted to look into purchasing foreclosure real estate on a fee simple basis, to possibly for use as rental property. I live in Ohio, USA.
I am currently renting and a home across the street has recently become available for sale by owner. I have recently applied for a mortgage but my approval requires me to complete several items that may take a few months.I approached the owner with the possibility of a lease/option agreement so I may move into the home and leave the rental property. The owner mentioned today an option "fee" of ,500 and monthly rent of ,500 with a final purchase price of 3,900. Does the option fee typically get applied to the purchase price when I complete the sale? Should I request a percentage of my rent to be applied to the final purchase price as well? I haven’t received any of the paperwork yet but just wanted some ideas. I am new to this.
