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How do I go about finding a lease to purchase home in the Edmond, OK/North OKC area?

  • June 17 2013 - Edmond
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Answers (3)

Your local agent will be able to help you with this.  Our MLS lists homes with lease purchase options. 
  • December 14 2013
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Rent to own programs are a little rare these days.  It may be a better idea to work on improving your credit and/or finding a lender with down payment assistance programs.  I would like to help. Please contact me through my profile.
  • August 23 2013
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Profile picture for wetdawgs
Lease to own/rent to own are really hard to find but occasionally you might find one by using the words in a key word search.

If you are thinking about rent to own, think very carefully about the risks.

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%) 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.

  • June 17 2013
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