Home Buying in West Oak Lane>Question Details

jamesless, Home Buyer in Philadelphia, PA

IM LOOKIN FOR A 3 BEDRM,1 1/2 BATH,OPEN FLOOR PLAN,SAFE ENVIRONMENT HOUSE FOR RENT-TO-OWN(LEASE/PURCHASE) IN THE MOUNT AIRY,WEST OAK LANE AREA.IS?

Asked by jamesless, Philadelphia, PA Sun Nov 13, 2011

THERE ANYONE SELLING,BUT WILLING TO DO A LEASE/PURCHASE CONTRACT?

Help the community by answering this question:

Answers

3
BEST ANSWER
Hi James,

You really want to try to purchase, not lease/purchase. No savvy seller is going to extend a lease purchase agreement. They will offer you a lease, and a separate agreement of sale where you are required to pay a down payment (earnest deposit) to make the agreement a legitimate contract. Too much risk for you to lose that deposit. Also, in lease/purchase situations, the sales price is usually higher than similar homes offered for sale. This is usually not a real good deal for the buyer.

Your best bet will be to rent until you repair your credit and get your finances in order to be able to purchase outright. I'd be happy to discuss your situation with you and help you get your cards in order to be able to buy a home. Please feel free to call me anytime.

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
Web Reference: http://www.DJCRE.com
1 vote Thank Flag Link Tue Nov 15, 2011
very few lease purchases out there....explore a purchase.
0 votes Thank Flag Link Tue Nov 15, 2011
A lease purchase option is nothing more than a glorified lease. If you have credit problems that prevents you from buying a house,you should consider contacting a non profit group to work on credit problems.As a suggestions New Kensington CDC can be contacted at 215-427-0350, and they maybe ablle to help you.Typically lease purchase options are considered by owner who are having a difficult time selling a property because of condition,location,or asking price. The problem with a lease purchase option is that,if you default, you can lose your deposit money and any monies placed towards the purchase of the home. Consider looking at rental properties in the community that you are considering and ask the owner/landlord if they may consider selling you the property some time in the future. Most real estate agents can provide you a list of rental properties along with the locaal newspapers.Best wishes, John Szymanski 215-888-3162 (cell)
0 votes Thank Flag Link Mon Nov 14, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer