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Answers (4)
- wetdawgs
- Contributions:26833
How much do you have to put down on the home?
- Genie Shook, "Genie Shook"
- Contributions:147
Lease options can work for some people. Make sure everything is in writing. It would be best to have a licensed agent to help you, due to the fact these are different times, and some people are lease optioning their homes when they are already going back to the bank.
If it is not done correctly to support your interest, you may be in for another heart break. Take care!
If it is not done correctly to support your interest, you may be in for another heart break. Take care!
- sunnyview
- Contributions:25139
If you are considering an owner carry, you need to make sure that you have a solid contract first. Many buyers in these situations fail to spell out terms like repairs, taxes, workman liens, owner death etc. only to find that they have out thousands into a property that they cannot get traditional financing for down the line or that the estate refuses to honor.
You can call an local agent, look for ads in your local newspaper or craigslist, but you need to be careful. Many owner carry situations fall apart. You also need to address why you cannot buy with traditional financing or when the contract comes due, you will not be able to buy and may lose all additional money you put in the house.
Do you need to work on your credit or is there another reason you can't (or don't choose to) buy without owner carry right now?
You can call an local agent, look for ads in your local newspaper or craigslist, but you need to be careful. Many owner carry situations fall apart. You also need to address why you cannot buy with traditional financing or when the contract comes due, you will not be able to buy and may lose all additional money you put in the house.
Do you need to work on your credit or is there another reason you can't (or don't choose to) buy without owner carry right now?
- Sharon Lewis, "Sharon Lewis"
- Contributions:3917
Lease/Options very rarely work out. Generally the people renting tire of the home. You can however request a percentage of your rent be applied to a purchase if you decide to purchase.
Is it possible to find a lease option/ owner carry home in the w. Eugene/Veneta area?
We would like a 3 bed min home in the $900 /month range to lease-option or have the owner carry for approximately 18-24 months and then we would buy. PreferNOT to have a mobile in a park...on a lot is great.
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