Profile picture for user3743343

Do you have any lease options homes now

  • August 27 2013 - Los Angeles
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Answers (3)

Best Answer

Profile picture for wetdawgs
Lease option is a very rare category.  Is there a reason you are interested in this approach rather than a traditional purchase?

While the theoretical concept of rent with the option to buy may seem attractive, some of the realities are considerably less so.

Owners who will consider rent to own are very rare, so it will cut down your options for properties considerably.   I consider it much smarter to spend a year or two working on improving your credit and (if necessary) saving up a good down payment.   Yeah, it is tough to move but it even tougher to lose a lot of money attempting to buy.

Some features of rent to own:

1.  Down payment required - often substantial (say 10% to 30%) and is non-refundable if the potential buyer doesn't purchase.

2.  Monthly rental is above fair market rent, with the only amount going to purchase is the amount above the fair market rent.  This is also not refundable.

3.  If not qualified for financing at the agreed upon  time and price, then you lose everything. 

4.  The price is agreed upon at the beginning of the contract, and who knows where house prices are going.

5.  You still depend on the owner to pay their mortgage.   If they fail, you lose.

If you do get involved in this, please involve an attorney in the contract.
  • August 29 2013
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Profile picture for JamieTian
Hi,

I would be happy to send you a list of available lease option homes that fit your criteria. What are you looking for and what is your price range?

Feel free to contact me directly.

Best,

Jamie Tian
Rodeo Realty
  • September 06 2013
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There are some, but not many. The best thing to do is contact your local realtor and ask them. You can also approach a local home owner through your realtor whose houses isn't selling they maybe open to it. Its a good idea to get into a home, but there are also alot of new mtgs on the market you might want to ck with a local lender or mtg officer to see what you qualify for. Good luck and Happy House Hunting!
  • August 29 2013
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