Furnace Lease to Own Question

[debe057]

Greetings All,

A unit I am seriously considering purchasing has a new furnace installed in late 2007 by the local utility company. It was financed over 84 months by the incumbent owner. What are my options here: should I fully assume the lease to own, split 60/40 or ?/? with the seller; work it into the selling price or inform the seller that I am not liable for any debts she encountered whilst she owned the unit? What if the lease to own is not assumable? Thank you in advance for your input.


Debe

 

[lanedry77]

Hi Debe,

I would try and get the sellers to agree that the funds required to fully pay the lease be adjusted through the lawyers, and that it comes from their proceeds of the sale.

If they`re trying to sell the property with a brand new furnace, it should be free-and-clear when you get the property. If you have to pay for the furnace over the next several years, the new furnace isn`t really a selling feature.


David.