About lease option from point of view of tenants

[Pawan Pandey]

Actually i have one question

I have been living on one house on lease option contract for 5 years and predetermined price was 120k.Now its been nearly 3 years and i have found one potential buyer who can buy this home immediately on cash on 170k.so,how can i take advantages of this situation??

[John Jackson]

@Pawan Pandey If I understand this correctly, you are living in a house that you have a lease option on, with an option price of $120k and 2 years left, but can't qualify for a mtg.  Another person has approached you about buying it from you for $170k.  Is this correct?  Well there are a couple of ways to go on this.  @Brian Gibbons is correct on TX, and the owner doesn't even know this I'm sure, but what you have is actually considered a land contract or a contract for deed in TX because it's over 36 months, and I would have to assume he is in violation of DTPA....but...let's focus on getting you $50k!! You can actually do a simultaneous close and use transactional funding for this, just as a wholesaler might do in some cases.  If you want to message me I can look at the contract you have in place, then be better able to direct you to who you need to close this sucker!  BTW- I'm 30 minutes from Denton.