Lease Option Question

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Posted by Lamar on February 28, 2009 at 09:32:43:
Hi all, I have a Question about a Lease w/Option to buy. I leased a house a year ago with the option to buy. The lease is for two years ending 1 Jan, 2010. The Sale price is $160,000.00 with $3,500 down and $1200 per month with $200 going towards the Option Monthly for 24 months. Now what I am faced with is that the property does not appraise for $160K, but for $138K, which is $22K less. I have tried to obtain a mortgage loan, banks will not approve because it's not valued at what the owner wants for it. What am I left to do? What are my options? Will I be out of my money? In Columbia, S.C.

Follow Ups:

Re: Lease Option Question Ty Warren 22:30:50 11/14/09 (0)

Re: Lease Option Question Wendy Patton 11:04:16 10/02/09 (0)

Re: Lease Option Question Herb VanDyken 17:25:49 04/05/09 (1)

I like your simplicity Wayne-NC 09:08:38 11/10/09 (0)

Re: Lease Option Question RalphL 04:16:49 03/19/09 (0)

Re: Lease Option Question bak 18:55:22 03/05/09 (0)

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