Profile picture for twostep1

Want a lease option to buy for 2 years or for sale by owner.

I would like to buy but have a bankruptcy on record.  Strong income, $172,000.00 a year.  Been with the same company 22 years. Are there any lease option to buy like in 2 years or for sale by owner?
Thanks,
  • May 24 2011 - Vacaville
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Answers (4)

Profile picture for twostep1
I hope I did that right...my reply was to Terry Hughes.
  • May 24 2011
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Profile picture for twostep1
Yes you can email me and we can let you know more of what we are looking for.  We had moved from out of state.  When we sold our house back in Washington prices were down because of employment and then we move here to California and prices were crazy in 2004.  We had excellent credit for 22 years, it varied between 775 and 750.  Since we did not have the 20% down for $772,000.00 we did a 80/20 loan 5 year fixed interest only loan.  Well as you can see the market tanked and our payments went from $3800.00 to$4962.00. With our backs against the wall we finally filed bankruptcy and wiped our slate clean to start over.  The mortgage co. would not do a loan modification because we had been paying on time for 4 years, so we missed a few payments and in the end we still got denied.  It's just crazy!  Here we are a good family, for 22 years paying our bills and taxes and doing everything right; and in the end lost.  I know we can buy with someone because we have the income and stability to do so.  I want to see what my options are.  But I will not get myself into anything that will jeopardize our future again. We've been renting for 6 months and its not bad.  With only a rent payment who's to complain.  Send me your email and I will email you back. 

Thanks,
  • May 24 2011
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Profile picture for wetdawgs
Most FSBOs require that the purchaser get standard financing.

Lease with option to buy is often a losing situation for the potential purchaser.   Some standard features:

a.  Substantial non-refundable down payment.  10% isn't unheard of.

b.  The only amount that goes towards the purchase is the amount above fair market rent.  This is also non-refundable.

c.  If you fail to obtain conventional financing in 2 years (or term agreed in contract), you lose all your payments. 

As lease option to buy narrows your market to perhaps 1% (or less) of properties on the market, I wouldn't touch it with a 10 foot pole but deal with the inconvenience of having to move yet again in a year or two.
  • May 24 2011
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Hi TwoStep,

It may be possible to find a lease option with a seller. I can talk with you more about your criteria for a home and the details of how to find a seller. Are you interested in meeting with me to discuss this further?
  • May 24 2011
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