Should You Consider A Lease With Option To Buy?

6 Nov

Should you consider a lease with option to buy? For many individuals leasing a home with an option to purchase is an attractive way to purchase a home. Especially for those experiencing credit issues and who do not anticipate the situation to be cleared up for more than a year.

Sellers finding it difficult to sell their home are more willing to write a Lease to Purchase Contract. This way you can go ahead and move into your own home while mending any issues you have.

Typically, a portion of each month’s rent will go towards the purchase price of the house. The amount will depend on the terms of your contract. A good negotiator might even be able to get 50% of the rent to go towards the purchase price of the house. Keep in mind, in Lease to Purchase Contracts, the Seller will want money down on the home.

This gives them some assurance that you are a serious buyer. This money can also be used as a “Deposit” should you eventually decide against purchasing the house. It can cover damages that you and your family may have done to the property. These are all issues that should be addressed in your Lease to Purchase Contract.

There are certain properties that are more practicable for a Lease to Purchase Contract:

• Fixer-upper homes that need a few repairs
• Homes with little or no equity
• Homes that are For Sale by Owner

Buyers whom are more likely drawn to this type of sale:

• Buyers with damaged credit
• Buyers going through a divorce
• Buyers who don’t have much cash set aside for a healthy down payment
• Buyers who are self-employed

Sellers should keep in mind, if your home has been on the market for a considerable amount of time, you may want to consider a Lease to Purchase option. This option expands your market of homebuyers.

If you’re concerned about the terms of the contract and whether you will get your money keep in mind, you can negotiate the terms in your contract. If you’re looking for cash flow, then ask for a sizeable down payment. Often a buyer has cash to spend but their credit is flawed. Stipulate in your contract what portion of the down payment will go directly to the seller should the buyer default on the contract.

Another item to consider in most Lease to Purchase Contracts, the property is returned to the Seller if the Buyer defaults in any way. You would be able to get your house back and resell it.

For both home buyers and sellers, Lease with Option to Buy can be an attractive proposal.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. For more information please forward your request to communityinfo@comcast.net

View thousands of new and resale homes: www.Northeast-Florida-Relocation.com, www.BoldRealEstateGroup.com, www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community, www.TheCascadesAtStLucieWest.com a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

Tags: Bold Real Estate Group, Buyer, Buying A Home, Cascades Port St. Lucie, Commercial Real Estate, Contract, Daytona Beach Real Estate, Fernandina Beach Real Estate, florida, Florida Home, Florida Real Estate, Florida Realtor, For sale by owner, Home Relocation, Lease, Port St. Lucie, port st. lucie florida, Real Estate, Real Estate Articles, Real Estate Listings, St. Lucie Homes, Tradition Port St. Lucie

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Categories Real Estate
Author Millie Gil, Lic. Florida Real Estate Broker

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