Zillow Advice: Home Buying - Want a lease option to buy for 2 years or for sale by owner. http://www.zillow.com/advice-thread/Want-a-lease-option-to-buy-for-2-years-or-for-sale-by-owner/400191/ Zillow Advice | Zillow Real Estate I hope I did that right...my ... http://www.zillow.com/advice-thread/Want-a-lease-option-to-buy-for-2-years-or-for-sale-by-owner/400191/ I hope I did that right...my reply was to Terry Hughes. Tue, 24 May 2011 17:03:00 GMT http://www.zillow.com/advice-thread/Want-a-lease-option-to-buy-for-2-years-or-for-sale-by-owner/400191/ 2011-05-24T17:03:00Z Yes you can email me and ... http://www.zillow.com/advice-thread/Want-a-lease-option-to-buy-for-2-years-or-for-sale-by-owner/400191/ Yes you can email me and we can let you know more of what we are looking for.&nbsp; We had moved from out of state.&nbsp; 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.&nbsp; We had excellent credit for 22 years, it varied between 775 and 750.&nbsp; Since we did not have the 20% down for $772,000.00 we did a 80/20 loan 5 year fixed interest only loan.&nbsp; 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.&nbsp; 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.&nbsp; It's just crazy!&nbsp; Here we are a good family, for 22 years paying our bills and taxes and doing everything right; and in the end lost.&nbsp; I know we can buy with someone because we have the income and stability to do so.&nbsp; I want to see what my options are.&nbsp; But I will not get myself into anything that will jeopardize our future again.&nbsp;We've been renting for 6 months and its not bad.&nbsp; With only a rent payment who's to complain.&nbsp; Send me your email and I will email you back.&nbsp; <br/><br/>Thanks, Tue, 24 May 2011 17:01:00 GMT http://www.zillow.com/advice-thread/Want-a-lease-option-to-buy-for-2-years-or-for-sale-by-owner/400191/ 2011-05-24T17:01:00Z Most FSBOs require that the ... http://www.zillow.com/advice-thread/Want-a-lease-option-to-buy-for-2-years-or-for-sale-by-owner/400191/ Most FSBOs require that the purchaser get standard financing.<br/><br/>Lease with option to buy is often a losing situation for the potential purchaser.&nbsp;&nbsp; Some standard features:<br/><br/>a.&nbsp; Substantial non-refundable down payment.&nbsp; 10% isn't unheard of.<br/><br/>b.&nbsp; The only amount that goes towards the purchase is the amount above fair market rent.&nbsp; This is also non-refundable.<br/><br/>c.&nbsp; If you fail to obtain conventional financing in 2 years (or term agreed in contract), you lose all your payments.&nbsp; <br/><br/>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. Tue, 24 May 2011 14:47:00 GMT http://www.zillow.com/advice-thread/Want-a-lease-option-to-buy-for-2-years-or-for-sale-by-owner/400191/ 2011-05-24T14:47:00Z Hi TwoStep,It may be possible ... http://www.zillow.com/advice-thread/Want-a-lease-option-to-buy-for-2-years-or-for-sale-by-owner/400191/ Hi TwoStep,<br/><br/>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? Tue, 24 May 2011 13:58:00 GMT http://www.zillow.com/advice-thread/Want-a-lease-option-to-buy-for-2-years-or-for-sale-by-owner/400191/ 2011-05-24T13:58:00Z