General Area in 37075>Question Details

Kxid, Other/Just Looking in Hendersonville, TN

Thank you all -Ms.Tina,Mr.Scott and Mr.Larry and others .you all very helpful.few questions lease/purchase opt

Asked by Kxid, Hendersonville, TN Mon Oct 6, 2008

the lease/purchase option.

* where and how i can find a seller who will agree to go for a deal the lease/purchase option?
*and with my bad credit how i can make seller to trust me ?
*the lease/purchase option interst % is/are very higher than normal interest rate ?
*non-refundableconsideration fee is it same as down payment ?
* and if its happen to go through some agents or brokers how much they charge ?( i hope there are some good persons like you who can help in my kind of situation (Bad credit )
* i have say 5 to 10 % down payment of a house cost 100,000 to 135,000.
*Finally say you find a house for sale -asking price @ 130,000 . Now how much you can lower/knock down the price if i want to pay myself with out any bank or mortgage at all ?
*Thank you all and i highly appreciate and value all of your time and advices .

Help the community by answering this question:

Answers

1
Kxid,
* A buyers agent is your best option to finding these lisitngs. Some listings will actually have it in the remarks section but, I also target listings that have been on the market for a long period (at least 6 months) and are vacant (usually means they are carrying two mortgage payments).
* The larger the downpayment the more trust you will buy.
* The interest that goes toward the purchase price is totally up to you and the seller as far as negotiations. There are no guidelines that govern that.
* Yes the down payment or option money is non-refundable. If you do not buy you do not get it back.
* The agents get paid the same as any purchase. We get paid when you buy the property. Now sometimes we negotiate to get a small amount upfront out of the downpayment funds. You do not pay us it is the percentage that is agreed upon in the listing agreement.
* 5 to 10% down should be enough
* I am unsure as to this question. Are you saying that you would pay cash for the house? If so you can negotiate the price down as much as if you were getting a mortgage. Now if you are doing a lease/purchase you are giving up some of your negotiating position because you are asking the seller to continue to carry the mortgage.


No problem and I hope this helps,
1 vote Thank Flag Link Mon Oct 6, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer