For Rent in Phoenix>Question Details

Dee, Home Buyer in 85051

Looking for lease purchase home in 85339, 85041 or 85042.

Asked by Dee, 85051 Wed Jul 15, 2009

Having a hard time finding a lease purchase option home in 85339, 85041 or 85042 area. Looking for 3 to 4 bedroom home, monthly rent/lease payments of max. $1000 or less and down payment no more than $2000. Looking to purchase within 4 to 5 months. I know paramaters may be a little tight but does anyone know of anything available?

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The Urban Team’s answer
There are lease purchaeses available. We tend to advise against them as there are so many variables that can get a buyer in trouble, especially with the large volume of foreclosues still coming on market.

You may find a lease purchase, secure a purchase contract and lease agreement only to find the property in trouble a few months down the line. Loan payments can be unpaid, HOA fees due, property taxes in arrears and such.

If you do want to pursue this line of purchase, be VERY careful. You will need to execute two contracts, a purchase offer and a lease agreement. Many agents combine the lease agreement with the purchase offer causing significant issues.

Again, we advise great caution in taking this route. A short term or month to month lease without purchase option would be much safer and when you are ready to purchase, enter into an agreement where many of the vairables can be better managed. Six months may sound like a short period of time, however, a lot can happen including: loss of deposit, fall in market value, an upside down mortgage on the Seller's part, unpaid taxes & HOA dues plus much more.
Web Reference: http://www.urbanteamaz.com
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