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Lease with option to purchase

We are relocating to the OKC area - preferably Edmond.  Our house in TX has just been put on the market, but we are needing to move now. We are hoping to find a home we can lease and once ours sells in TX we can then purchase the home.  Are there sellers out there willing to allow us to lease for several months before buying? Credit is not the issue.  We have a bank preapproval (contingent on our house selling)  as well as a down payment ready. 
  • November 17 2013 - Edmond
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Answers (7)

Just stay in an apartment and write a contingency offer on the home you are interested in. 
  • December 08 2013
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Leasing with an option is a great idea.  

1. Go to houses for rent (Zillow, Craigslist, etc) 
2. Ask, "Would you consider renting to me and I would buy the home at a fair price in 12 to 24 months, based on a new appraisal?"

Click on my picture, shoot me an email, and I'll send you a free report on "Avoiding Pitfalls in Rent to Own as a Buyer and a Seller" for some free tips.



  • November 17 2013
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Profile picture for JoshBarnettREIB
Sure there are.  Click on my profile and then click contact me and I can shoot you a list of the lease purchases in Edmond. 
  • November 17 2013
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Do you have equity in your house? Do you have any savings?
Contrary to what has been said, you can negotiate any kind of lease purchase the Seller is willing to agree to. Depending on the inventory levels in the Edmond, Oklahoma market, you may be able to find many opportunities.
You really don't have to make a huge non refundable deposit. That is what lease purchaser's with horrible credit are often required to do.

Here's the major problem. When you move you'll be working against the system, which is designed to sell homes. Very few REA's want to help people lease their homes, or find homes to lease. They don't get their big commissions when that happens.You'll have to work harder to find what you need, but it is probably available, and being disguised, distorted, and disuaded by some vapid used home salesperson.

If you'd like to, contact me through my profile (click my pic), and I'll explain further.
  • November 17 2013
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Profile picture for wetdawgs
Lease with option to purchase is something very few home owners will consider, so it will reduce your choices to slim to none.

If you do find an owner who will consider this, plan on providing a very substantial down payment to them (perhaps 10 to 30%).  This will be non-refundable if you do not buy.

Another option may be a bridge loan, but talk with your lender to learn if this a possibility with your finances.


  • November 17 2013
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Profile picture for twinbabymama
Thanks for your reply.  The issue with leasing first is that we have 4 kids in school and do not want to lease and then move again when we buy.  We do not want to change their schools twice.  Yes, our house will sell, it just would take time as many house sales do.  We don't know when or how much but comparables in the neighborhood can give us an idea.
  • November 17 2013
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This looks to be an iffy situation. You cannot predict when and for how much you will be able to sell your first home. What happens if it does not go through. Maybe you need to lease first and work out the other part once the sale is through.
  • November 17 2013
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