Jane,
Well first it depends on what you call a "big" down payment. Basically with a lease purchase you put option money down (which does go toward your purchase price) that basically locks in your purchase price. Now that money is non-refundable. I know of a good many lease purchase homes all over the Triad since I have several buyers needing that type of home. You just need to be very cautious when writing up such a deal in that you need to make sure you are covered and that the homeowner is making the payments. There are certain ways to verify monthly that way you can be covered. Yes you can make offers on whatever you want. Let's face it all they can do is say no. If so you get your earnest money back. As with most everything in real estate it is all negotiable. If you have a buyer's agent have them start to scan for such homes and also look at homes that have been on the market awhile and that are vacant. These homes are usually good canidates to take a lease purchase even if they do not advertise it. If you do not have a buyer's agent I would be glad to help you find the home just for you.

Hope this helps,

Typically sellers willing to do a lease/purchase have already moved and are motivated to get what they can from their vacant home. More agents are disclosing in the MLS that the seller is willing to do a lease/purchase, but sometimes you have to ask. Usually the seller asks for a large down payment or earnest deposit as insurance that the property will actually go to closing at the end of the lease term. Right now there are some sellers that are so motivated they would probably take less up front as long as the monthly lease income met their needs. Feel free to contact me if you would like, I can provide you with some additional online resources that might help you in your search.

Jason Ewing, GRI/CNS
Coldwell Banker Triad, Realtors
(336)862-6102

Your best bet is working with an agent. Agents can comb the area and find those homes that are offering a lease/purchase option. Often these homes are not going to be marketed as a rental as the ultimate goal is to sale the home. An agent can also help negotiate the lease/purchase terms for you. Let me know when you are ready to explore this further, you have my contact info already.