Johnny Faber…, Home Buyer in Plymouth Meeting, PA

Can a HUD home be used as a lease purchase. Found one in Plymouth Meeting and would like some help before i get my hopes ups

Asked by Johnny Faberlle, Plymouth Meeting, PA Sun Oct 14, 2012

Help the community by answering this question:

Answers

1
I would discourage you from thinking about a Lease/Option; in a moment, I will elaborate.

The answer is NO, neither the Government nor the Banks are Landlords.

Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
1 vote Thank Flag Link Sun Oct 14, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer