Home Buying in Bristol>Question Details

Family6, Home Buyer in Bristol, CT

I am intertested in a home in Bristol and am wondering my odds of lease to own

Asked by Family6, Bristol, CT Thu Jun 16, 2011

The owners have another home and the homes has been listed 3 other times

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5
im selling ahouse in bristol call me 860 8699317 nice inground pooll 2 car garage dead end street
0 votes Thank Flag Link Thu Jun 20, 2013
I am selling a home in the Bristol area and I am open to possible buying options. How soon are you looking to move?
0 votes Thank Flag Link Mon Aug 6, 2012
If the owner agrees, make sure your attorney is very involved in studying the agreement. Great idea to try this approach, and you should certainly ask the question of the home seller.
0 votes Thank Flag Link Sun Dec 4, 2011
Hi Family6,
It really depends on the sellers financial situation. Most sellers in this market are selling because they have to and need the proceeds from the sale now rather than a year or 2 from now. However, it doesn't hurt to ask. Keep in mind that if the seller does consider a lease to own agreement they still will want to know why you are looking to wait to close, how much of a down payment you currently have for the future closing of their house and what your credit score looks like. If you are delaying a purchase due to a credit or financial situtation speak to a mortgage lender ahead of time to find out what you will need to do to get approved for a loan down the road and get something in writing that shows you are a good candidate or will be to buy their house. Good luck
0 votes Thank Flag Link Thu Jun 16, 2011
A lease-to-own home is basically a lease with an option to buy the home in a certain period at an agreed upon price. Usually, you have to place a large deposit to secure the lease and the option to buy. A portion of the rent can be applied towards the downpayment. Usually, you will have to pay 'above market rent' to be able to use that option.

The major drawback to a lease to purchase option would be the loss of the downpayment if you do not meet all the terms of the agreement, and if you are unable to secure financing to be able to purchase the home. In addition, if the neighborhood is not right for you or if the market takes another downturn, you might find yourself questioning why you entered into such an arrangement.

That being said, most home owners looking to sell their homes today are not interested in this type of arrangement. In many cases, they need the cash from the equity in their home to purchase another home or for other purposes.

Your best option is probably continue renting until you find the right home that best meets your needs.
0 votes Thank Flag Link Thu Jun 16, 2011
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