Profile picture for darrynlee

Where can I go to find info about homes that are lease option?

  • December 15 2010 - US
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Answers (2)

Profile picture for wetdawgs
Lease options are dangerous territory for both the owner as well as the person interested in the lease.    In general, they are a bad deal.

Plan on a substantial non-refundable downpayment, and plan on the only money going towards purchase being the amount above fair market rent.

You will have to establish purchase price up front, so will not be protected from anticipated drops in market price.

In general, it is a better idea to spend a few years renting and build up your downpayment plus (if necessary) improve your credit score.   It increases your flexibility, as well as the choice of houses.
  • December 16 2010
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You can contact a local Realtor who will help you find the home you are looking for. The MLS has listings for lease-options & lease purchases. If you are in AZ feel free to contact me for help with this.

Craigslist is another source to search, but I wouldn't recommend as it is so overpopulated with scams, and you will most likely be needing to put atleast $1000 down towards the potential purchase. Just please make sure you have a legally binding contract. Good luck!
  • December 16 2010
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