Posted by Clark on January 11, 2003 at 10:45:34:
Pete,
Just be totally honest with the woman. I did a L/O deal a while back and also had bad credit but the owner of the property owned it free and clear. I offered her a decent nonrefundable option deposit, explained my credit situation and strongly stipulated in our contract that if I was ever late with a payment the late fee was “high” but we mutally agreed on it. Also, three times late would forfeit our deal and one missed payment would also forfeit the deal. Restructure your offer to her with your own contingincies that will benefit her.