Home Buying in Ventnor City>Question Details

Frank Gaffney, Home Buyer in 19148

How can I find homes for rent with a lease option to buy?

Asked by Frank Gaffney, 19148 Sat Oct 17, 2009

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Debbie Bathen’s answer
There are some listings for lease-purchase listed on the mls, but they are hard to come by lately. You may have luck with homes that have been on the market for a long time, as the seller may consider a lease-purchase. Some homes for rent, the seller may also consider a lease purchase. You should keep in mind that you will pay rent, plus an extra amt. (negotiated) that will go towards the purchase at the end of the term. Many sellers may also want a downpayment at the onset of the lease purchase term. The contract for a lease purchase is structured differently from other sales/rental type contracts, so it is a good idea to work with a Realtor and/or a Lawyer.

Debbie Bathen
RE/MAX Atlantic
Northfield, NJ 08225
Email: debbiebathen@remax.net
http://www.debbiebathen.com
Web Reference: http://www.debbiebathen.com
0 votes Thank Flag Link Mon Jan 18, 2010
Heres a helpful article I wrote packed with ideas on how to find the best place to rent. http://honestbanker.blogspot.com/2009/12/where-can-you-find-…
0 votes Thank Flag Link Wed Jan 6, 2010
Hi Frank,
I have had some success in finding lease purchase options in the Atlantic County area. Just call or email me and I'd be happy to provide you with more details. Happy New Year!
0 votes Thank Flag Link Sat Jan 2, 2010
You need to be careful with these types of leases.

Many property owners and tenants don't understand terms lawsuits are filed.

Best have a Realtor represent you in this type of transaction.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

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0 votes Thank Flag Link Sun Oct 18, 2009
Contact a local agent, and as Diane said, ask them to check the MLS and listings that have been on the market for some time. It's not uncommon for a seller to consider a lease purchase after their property is on the market for a while.

Laura Giannotta
Keller Williams Atlantic Shore
609-384-6121
Laura@JerseyShoreViews.com
0 votes Thank Flag Link Sun Oct 18, 2009
The answers below aren't wrong, but most lease-options aren't listed on the MLS. It's a fine place to start, but don't get discouraged if you don't find any there that meet your needs.

Here are quick tips on finding some:

MLS
(1) Properties listed as lease-options. (Some, but not very many.)
(2) Properties listed both for rent and for sale. That's not specifically a lease-option, but the owner is signaling he's open to either. And a lease-option is when you rent now and buy later.
(3) Properties listed for rent that previously had been listed for sale.
(4) Properties listed for sale that previously had been listed for rent.
(5) Properties listed for sale that are vacant, especially those that have been on the market for more than 90 days.
(6) Properties listed for rent that are vacant, especially those that have been on the market for more than 90 days.

Non-MLS
(7) Properties advertised on Craigslist and similar sites as lease-options.
(8) Advertise for lease-options on Craigslist and similar sites.
(9) Properties advertised for rent by owner on Craigslist and similar sites.
(10) Post flyers in supermarkets and stores.
(11) Direct mail (postcards or letters) to homes in an area you're interested in. (A Realtor can get owners' names from tax records, or in most cases you can do the research yourself online.)
(12) Direct mail to "absentee owners." A Realtor can get you the names of owners who live out of town or out of state. It's highly likely these owners are already renting their home. You're offering yourself as a renter with the bonus of a possible purchase.
(13) Contact investors who have lease-option properties. I know a lot of them. Some even have sophisticated websites that you can visit to look at available lease-option properties.

Those suggestions just scratch the surface. There are dozens of other ways to find lease-options.

Hope that helps.
0 votes Thank Flag Link Sat Oct 17, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Frank,

There are many resources that you can use to locate a property for Lease or Lease Option:

1. Multiple Listing Service (MLS) - You will need a Realtor to gain access to this information, but don't worry it doesn't cost you a thing. The Home Owner / Landlord will be responsible for paying their fee to help you.

2. Craigslist

3. Local Newspaper or their Website

Good luck!
0 votes Thank Flag Link Sat Oct 17, 2009
Frank,

This is a direction tha many of today's recovering home owners are electing to take thus, the demand for this availability far exceeds the supply. Coupled with the basic fact that the vast majority of sellers are not interested in becoming landlords but getting out from under this responsibility.

Those lease option opportunities that are out there are often arrangements that the real estate professional eventually becomes aware of. Your best approach to finding one of these arrangements it to do so through a local realtor.

Best wishes,
The Eckler team
0 votes Thank Flag Link Sat Oct 17, 2009
Contact a local agent who can sort them out of the MLS info for you. You can ask for that person to check in on some of the older vacant listings, too. You never know!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sat Oct 17, 2009
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