Theresa Lussier's Discussions

The short answer to your question is Yes.We saw more lease to own options in the '80s when interest rates were 12-18%. Once interest dropped, more people could buy a home and Lease-to-Own was no longer necessary to get a home sold. Real estate is local. In my area, sellers choose rent to own option often because they understand the market here- we have approx 18 months worth of inventory. A seller has a mortgage, but has to move- often a relo out of the area. They would prefer to sell, but understand that the market right now has many people- often families who have settled in an area and who are unable to get a loan. The seller cannot afford to take on two mortgages, and with the right buyer, lease to own can be a win-win for both parties.Interests rates are typically higher than a straight sale because the owner, often an individual, is taking on the risk- something they are not accustomed to doing, and the buyer, typically having poor credit, does pose a definite risk. How much higher the interest will depend on each individual seller. If you are looking for rent to own, the best thing you can do is clean up your credit. A seller will do whatever background and credit checks they can before they take on a buyer. Prove you are a good risk.

Real estate transactions are driven by local customs, and a listing agent may have access to information from the bank that would allow her to have a very clear indication what the bank will accept. Often a call will supply information about the listing that can give you better representation than you would have without a call, so it's difficult to say absolutely yes or no to your question. The bigger question is that you apparently have concerns about your agent's representation. Communicate your concerns with the agent, and be upfront about getting answers that make sense to you. If you don't get satisfactory answers, you can explore your options.