Profile picture for user2890821

how can i find legitimate lease purchase properties?.

Memphis Tn and Jackson MS areas
  • July 04 2014 - Memphis
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Answers (5)

Profile picture for user5425022
Hello,

Lease purchase are hairy deals.  If you do one or even find one do the following:  
> Read Contract CAREFULLY!!! CAN'T STRESS ENOUGH!!  Take it home and read it before you sign if you have to.  
> Make sure that you even want the house (get it inspected!)  
> Make sure that you payment is not too much for you to fix your credit!!!! (This is a big one!)  People do lease purchases because they cannot sell the house through normal means.  Maybe they owe to much or something (Ask the question!)  
> Make sure that you negotiate the closing cost (Maybe you can get the seller to pay all or some of your closing cost because this would be an addition to the money you put down.  

 This is what they (some crooked people/not all) are hoping.....they are hoping they since you have not been able to get a mortgage because of credit ....that you will continue in this trend and you won't be able to finance the house in the time allotted.  

 So the money you paid down they get to keep...you have to move out and they do it all over again.....
 The seller is also hoping that you pay down his loan...so if you do buy it he gets more money back.  

 I did a lease purchase but I corrected my credit in 6 months so they were not able to get over on me. 

 They gave me 2 years but I closed in 6 months!!!  ha ha...Just be careful....it can be legit but you have to be on your Ps and Qs....
  • July 07 2014
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Profile picture for pvhomes
Check with properties up for lease. 
  • July 06 2014
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Profile picture for wetdawgs
Lease purchase properties are extremely rare.

Plan on a down payment of 5 to 30%, non-refundable.

Plan on monthly payment being higher than fair market rent, only the difference goes to purchase.

Plan on being qualified for a mortgage at the agreed upon price and date (usually 2 to 3 years) or losing all your money and having to move.

Lease to purchase are very high risk, very rare, and usually lose the potential buyer a lot of money.
  • July 06 2014
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Profile picture for Dan Tabit
Lease options are rarely good deals for the renter/buyer.  A local Realtor can search for them for you, but whenever I search my area, very few are available.  When they are they generally have high non-refundable deposits to secure the future selling price, a set time period for the renter/buyer to complete the transaction and little of the rent goes toward the purchase.  
A better option for most people is to solve whatever issue prevents you from making an outright purchase first.  Rent the cheapest place you can stand to live in.  Use the savings to pay off debt, accumulate a down payment and or solve your credit issues.  In the long run you'll be better off 99% of the time.     
  • July 05 2014
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Contatct a local Realtor in each area.\
  • July 04 2014
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