Lease Option....is this normal or should I walk?

[Sean Price]

I am currently living in a home with my family. Brief history I have a past bankruptcy and some financial credit challenges that need a little time to over come so we are looking to lease option the house we are in for a two year lease option.

The current owner is asking for $460k as the sales price with $25k down. The current value sits between $400-$420k at the high end. So basically the owner is looking at major appreciation to occur for me to be able to get the house to appraise in 2 years at the 460k.

He is not willing to negotiate on the price, or on the closing sales price, even if the house does not appraise for the full amount. I would have to come up with the additional money to cover the shortage or lose my $25k deposit.

Is this typical of a lease option? I understand that I need to pay full retail for the property since I am having to option to get my credit issues handled....but is it a safe bet to assume that much appreciation will occur in 24 months?

Thank you,

Sean