For Rent in Hillsboro>Question Details

Shelli, Other/Just Looking in Potosi, MO

are there any lease option homes available in Hillsboro school district?

Asked by Shelli, Potosi, MO Sat Mar 14, 2009

we are looking to spend no more than 1200.00 per month

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rental homes often aren't put in the MLS system that realtors use. Often they are owned by someone who has one home and they put a sign in the yard and advertise them in the local paper and on local bulletin boards. I only found one when I searched the MLS system just putting in Hillsboro school district and single family homes and rentals - it was listed at $1500 a month and was described as "Lovely country estate on five acres. Includes a 3-stall horse barn and a chicken coop." and it's only 13 years old with 4 beds and 2 baths - that's it at the moment.

Check the local paper, the church bulletin board, JEFFCO's bulletin board, etc.

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0 votes Thank Flag Link Sun Mar 15, 2009
Dale thank you for your informative response. I really appreciate it. I had no clue of the differences. I am still looking for a house to rent in Hillsboro school district there just seems to be none. Thanks again.
0 votes Thank Flag Link Sat Mar 14, 2009
OK, lease option benefits the the renter/buyer not the seller, so most will not do a lease option. They are more likely to do a lease purchase. The difference is that with a lease option, you lease the home and you have the option after a set period to tell the owner that you would like to buy the home and at that time you negotiate the sale. With a lease purchase, you negotiate the lease and the purchase terms at the same time. The lease is set for X months, the security deposit typically turns into the earnest money (or if you don't buy the home or damage it, is forfeited to the seller as is a regular security deposit/earnest money), the building inspection, title work and survey are done and negotiated up front before you move in, occupancy inspections are done, etc then you behave like a regular tenant and the owner behaves like a regular owner. when you reach the point where you are about a month to two months away from the purchase date, you get a loan commitment letter, and we finalize the deal. If the deal falls through, then you have to move out unless the seller agrees to allow you to continue to leave there as a renter. Typically the lease and purchase agreements state that if the rent isn't paid, you have to leave immediately since the home will need to go back on the market. But a valid purchase contract with a set price is determined up front before you ever move in with a lease purchase.
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0 votes Thank Flag Link Sat Mar 14, 2009
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