Home Buying in East Orange>Question Details

Deja Williams, Renter in Newark, NJ

How do I find out about a seller that may be interested in a lease with an option to buy? Interested in an apartment in this building.

Asked by Deja Williams, Newark, NJ Tue Jul 3, 2012

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wco14’s answer
I own a unit in the beautiful Harrison Park Towers. I am willing to due a lease to buy arrangement. It is move in ready. Two bedrooms - 1 Bath -- Terrace -- 17th Floor. Magnificent views. Contact me at: wco14@aol.com. Thanks Bill
0 votes Thank Flag Link Wed Oct 24, 2012
If you call the office at Harrison Park Towers-- A Cooperative Building, they are often aware of the owners in the building who either are willing to lease/rent with an option to buy. I own a unit that currently has a couple that is only leasing, but is not interested in buying. Since I have relocated, my preference is to sell the unit. There is an issue: while my unit once appraiseed for $141,000, while I am not certain, the current market value is below $80,000. So, to relieve me of my mortgage, a buyer would need a sizeable cash payment, but would then have a mortgage of $250 to $300 a month.
0 votes Thank Flag Link Sun Jan 4, 2015
Hello Kimarra! If Lease-to-Buy is your primary preference, you best option would be to consider small 2-3 unit multifamily properties. In most cases, these type properties will be owned by Investors who recently completed interior renovations and would express interest in a proposed Lease-to-Buy option. Financing terms (interest rate + monthly principal amount applied towards future purchase) would be determined by the Landlord. Lastly, plan on making a downpayment (percentage at landlord's discretion) as Landlord will require an upfront financial commitment. Hope this helps and feel free to respond for further discussion.
0 votes Thank Flag Link Wed Jul 4, 2012
Thank-you
Flag Fri Jul 6, 2012
You mentioned an apartment building. It's not likely that you can buy an apartment, if the building is a condo or co-op building, you might have the option to do a option to buy with a seller. An real estate agent can assist you either way.


Best,
0 votes Thank Flag Link Tue Jul 3, 2012
Thank-you, the apartment is a condo.
Flag Fri Jul 6, 2012
One way to do that is to talk to a local real estate agent and ask them to search for which units are for sale or for rent in that apartment and then find out if any of them will offer a possible lease with an option to buy.
0 votes Thank Flag Link Tue Jul 3, 2012
Thank-you, the apartment is a condo and I see that there are different prices for different units based on size and what floor since it is a high rise.
Flag Fri Jul 6, 2012
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