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Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31731
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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A company called Redfield Holdings LLC (out of Kissimmee, FL)

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A company called Redfield Holdings LLC (out of Kissimmee, FL) found my FSBO house on Craigslist. They called me and sent over a lease option contract. Everything I researched on this company seems legitimate. In their letter of intent, they offered:

I am willing to purchase your home under the following scenarios:

I will pay you $215,000.00 under a lease option. It would be a 12 month contract, with a closing to take place at the end of the term. A down payment would be paid. Also, a monthly payment would be paid at current market value, with a balloon payment at the end of the term.

What is the risk here? Is this a scam? I'm nervous about it, but I've only seen good reviews and the company has a A- BBB rating.... thanks for your help.

Kirk Adams : Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney. Thanks for your question. I'll be glad to assist.
Kirk Adams : Basically, they're asking to lease the property for 1 year with the option to purchase it for a set price. So, there's not much to lost for you - - you're not giving up title to your property and you're getting rent.
Kirk Adams : At the end of the term, if they buy the house, then you've unloaded it; if they don't you still get to keep the rent (assuming there's no caveat in the lease.
Kirk Adams : I would highly recommend that you have an attorney review the lease/purchase agreement to make sure there's no hidden language or clause that is adverse to you. If it checks out, and your research of the company checks out, then you've done your homework.
Kirk Adams : It's likely that the company will take this time to try and find someone to purchase your house for more money during the rental period, and they'll buy it from you and turn around and flip it for a profit.
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