Posted by RalphL on March 19, 2009 at 04:16:49:
In Reply to: Lease Option Question posted by Lamar on February 28, 2009 at 09:32:43:
Are you the buyer of the seller?
If you are the buyer than remember it is an option to buy, if you can't get financing take a look at the contract and see how it is worded, there should be something in teh event the value isn't there.
options are you can renegotiate teh contract and explain to the seller the issue, they should be willing to work with you, if you have kept to the term of the contract and the condition of the home is the same or better they shouldn't have a problem with it. they may want another deposit. See how long you can extend the contrat.
In this market you have the power unless they have been advertising it you are their only choice. You still have several months to work out the deal. You never know but in several months the market could change and the value go up, but I wouldn't count on it.