Home Buying in Knoxville>Question Details

Jason Hash, Home Buyer in Knoxville, TN

Hello, we are in need of a real estate agent that specializes in Lease with Option to Purchase sales. Thank you.

Asked by Jason Hash, Knoxville, TN Wed Apr 24, 2013

Please contact me at jasonhash19@gmail.com

Help the community by answering this question:


I've done several lease options and few work out but some have and it's great for both parties. Need help? Contact me.
0 votes Thank Flag Link Wed Apr 24, 2013
Lease Purchase is all of the things the others have said.....there are rare exceptions.

Right now, there are 80 houses in the Knox Area MLS where the sellers have said they will carry financing or do a lease purchase. They range from "I wouldn't let my dog live there" to 1.5 million.

Most sellers who are willing to do this want some kind of assurance that you are going to follow through and actually buy the house. They also want some incentive to take a big chance on you. That is usually done with a "substantial" down payment. That number can range from 5-10 thousand dollars.

If you would like, you can call me to discuss this further to see if this is a reasonable option for you. It might put your mind at ease to talk with someone and learn more about the process. You can reach me at 865-660-0198.

Hope this helps.

Web Reference: http://knoxcastles.com
0 votes Thank Flag Link Wed Apr 24, 2013
Lease/Options seldom work out, for either party. For the buyer/renter, non-refundable earnest money is put up to secure the deal and very little, if any, of the rents go toward the down payment. For the seller/landlord, they typically just end up being a landlord due to the buyer's financing situation. I agree with Jim's advice about renting until you can buy. You will find many more choices of properties for rent and you will not put as much deposit at risk.
0 votes Thank Flag Link Wed Apr 24, 2013
I am not sure what you know about rent-to-lose more deals but they are HORRIBLE deals for renters because they never work out and then you lose more money and have to start over. Finding them is difficult to impossible because sellers avoid them because they don't work and they end up getting the house back when the renter defaults because they can't get a loan to buy the house. You do know you have to get a loan to buy it - and if you can't now why do you think you can in a year or two? Most people can't and so you default and lose the money you put up. Avoid them!! Run from them and learn more about the terms. Some people actually think you just keep renting until one day it is just yours, like rent to own TV's. Nothing could be farther from fact. They are rip offs done to renters desperate to get what they incorrectly assume is a deal. They aren't. Just rent and buy when you really can buy.
0 votes Thank Flag Link Wed Apr 24, 2013
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