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Answers (4)
- Bill McInerney, "Bill McInerney"
- Contributions:17
You can, but it brings up many questions. Why does the home owner desire this arrangement? Why do you? Can't sell, property over-priced?
Don't have the downpayment or poor credit?
How will you determine and agree on the the future price?
Will the owner require a non-refundable deposit if you don't buy? Will a portion of the lease payments go toward the purchase price?
Will it be a short or long term lease?
I recommend either you just lease or just purchase.
Hope this helps.
- Steve Roesch, "rushsteve"
- Contributions:111
Over the next 18 months as sellers continue to struggle selling a vacant house, and buyers continue to fight the uphill battle of the lenders' massive liquidity crisis, LEASE OPTIONS will be a win win for the 2 parties. I am not going to go in to the Pros and Cons, because there are several for both buyers and sellers. But there are pros and cons to renting vs buying as well. What I will tell you is that, there is no easy way to search. Right here on Zillow you will find some. And your local craigslist and news media. Do not spend all of your effort with Realtors or Property Managers for lease options. It is usually the last client they want to search for. But they are typically happy when you have found your own deal and approach them, if you need help. Make sure when you find one, that the Option Price is firmly set, so you know what is expected when you are ready to purchase. Up front option fees and a portion of your rent should credit toward your purchase. There is no rule on how much. Make it negotiable. Sellers are less willing to negotiate on price with the Lease Option, so negotiate the Option payments.
even better advice: clean up your credit, save a downpayment and buy a house the old fashioned way. almost always, rent to buy is a bad deal.
- Matt Heisler, "Mheisler2"
- Contributions:45
Hello-
Leasing with an option to buy can be done, but the selection of properties that you will find where the seller is willing to do that will be limited. Although most real estate deals revolve around the standard offer, there's no reason that you can't make an offer with a lease price, and option to purchase price, and the various dates and other contingencies that are necessary. I, for one, have a property that I would love to set up in this situation, but most people selling (or renting) are looking to do just that. Best advice: Find what you want, partner with someone knowledgeable about how these deals are constructed, and make an offer.
Best-
Matt
Leasing with an option to buy can be done, but the selection of properties that you will find where the seller is willing to do that will be limited. Although most real estate deals revolve around the standard offer, there's no reason that you can't make an offer with a lease price, and option to purchase price, and the various dates and other contingencies that are necessary. I, for one, have a property that I would love to set up in this situation, but most people selling (or renting) are looking to do just that. Best advice: Find what you want, partner with someone knowledgeable about how these deals are constructed, and make an offer.
Best-
Matt
do you lease with option to buy
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