Okay here ya go...
We did a 6 month lease with option to purchase. As we were moving to the house and area sight unseen. The 6 months is up, we want to buy and the negotiating is going down the tubes quickly. She wants too make a small fortune off the house because the market has tanked..she still thinks the house is worth 225K, so she is trying to make up the difference between the market price and what she wants, in interest. Initially she wanted 8% interest and other silliness now we are 7% and she wants a 2 year with a balloon. Not happening. Example of her mindset "I am paying 5.75% on my mortgage I cannot possible do a mortgage for you at less than 7%"
She has the price at 180K which is fine. I had an inspection and appraisal done.... appraisal came back at 169K the inspection laid out roughly 9K in necessary repairs plus carpet replacement in three bedrooms and one hall. She is screaming about the risk she is taking holding a mortgage and I have tried to explain to her that her risk is slight compared to ours...example
We walk out leave her holding the bag - she has a house to rent or resell and all the money we have paid, any improvements we have made
She fails to pay the first mortgage - we lose everything we have paid, any improvements and have 90 days to get out
So, negotiations continue but there are plenty of homes out there to choose from and I am rapidly considering another home. Especially one with double the acreage, newer and close enough to move in a weekend without a lot of hassle. Her attitude is making me second guess the option of getting a mortgage and paying her off to be done with it...so we shall see