Home Buying in West End>Question Details

Che.princess…, Home Buyer in Atlanta, GA

I am interested in a Lease Purchase Option in the Southwest Atlanta area. Do you do these types of sales ?

Asked by Che.princesslady, Atlanta, GA Wed Feb 19, 2014

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Robert A Whitfield Broker’s answer
Listen to Pamela's advice - I was just on a Crime Report database the other day, and College Park and surrounding cites were listed as #1 in Metro Atlanta for the highest crime - all types of crime.
0 votes Thank Flag Link Tue Mar 11, 2014
Rent to own is not a good idea, therefore fix whatever is preventing you from purchasing outright. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright, or simply continue renting until a purchase can be made.....
1 vote Thank Flag Link Thu Feb 20, 2014
I would not consider southwest Atlanta. After 35 years, I had to leave my home due to ruffians. The area held for years, although always on the "iffy" side. Today, it is "Thugsville." This description does not apply if you are looking to far south counties (i.e., Coweta) or southwest counties (i.e., Douglas)
0 votes Thank Flag Link Tue Mar 11, 2014
My limited research indicates about 97% of rent to own transactions do not end up with the buyer receiving title to the property. There are many reasons but the largest is that most contracts conflict with the mortgage guidelines so the buyer cannot pay off the seller by getting a mortgage when the time comes. ALL buyers believe the contract is between them and the seller, which is true until you reach the end of the contract and it is time to pay off the seller. The mortgage underwriter MUST follow the guidelines for the loan you use when that time comes. If the terms of your lease option conflicts with the guidelines, the loan must be declined. Millions if not billions are lost every year by people that try to circumvent the system that is there to protect them.

Another common mistake is the buyer uses a best case timeline instead of a worse case, huge mistake in the real world, stuff rarely gets fixed smoothly. It is hard enough getting to the closing table when all of the ducks are in a row, the lender has approved the loan request and everyone is on the same time line. “When am I going to be eligible for a mortgage loan?” Well intentioned loan officers will answer that question based on the single piece of information you provide. That is not how the underwriting process works, the application is reviewed in its entirety. Don’t let that burning desire to own a home deceive you. I get several calls a month from someone that believes they are now eligible because of some timeline, only to discover their timeline is just beginning.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
0 votes Thank Flag Link Thu Mar 6, 2014
I would be happy to help you. Fayette and Coweta Counties are home to two studios. There are many businesses relocating here and starting here to service the film crews. Do you have a price range in mind for the monthly payment? Have you considered how much money you want to put down for the "option" part of your contract? You are welcome to message me for more information and I could run a search for you.
0 votes Thank Flag Link Wed Mar 5, 2014
Che.princess,

There are a couple of lenders on here that work with a lot of different products. Depending on your situation, you may be closer than you think.

We work with first time homebuyers to help them get ready and complete the process. We would be happy to help you figure out a plan to become a homeowner!
0 votes Thank Flag Link Sat Feb 22, 2014
Anna has given great advice about the rent to own and lease purchase world - heed her advice and you can't go wrong. Rent to own is good for the landlord/investor, but rarely good for the hopeful consumer.
0 votes Thank Flag Link Sat Feb 22, 2014
I definitely agree with the posters below. Lease Purchase is a bad idea for the buyer. Renting and buying should be treated as two separate transactions, not rolled into one. When you want to buy a home the best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home without getting ripped off. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.helpubuyamerica.com
0 votes Thank Flag Link Thu Feb 20, 2014
I agree with Jimmy - I am always a bit befuddled by this option - in a rising price environment, not in seller's best interest; in a declining price environment not in buyers. The market is generally moving one way or another -- perhaps that is why they rarely work in the end.

What I suggest instead is to build in a "right of first refusal" into the lease. In other words, if the landlord decides to sell, he/she will give the tenant the first shot --- at a market rate.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Thu Feb 20, 2014
I always recommend you either lease or purchase since lease purchases offers do not always work out in the end. With the price of homes on the rise, most sellers are not willing to lock into a price today if they know it will be higher in a year or two and there are more than enough willing and qualified buyers in the market today.
0 votes Thank Flag Link Thu Feb 20, 2014
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