Home Buying in 30024>Question Details

Maijac2, Home Buyer in Suwanee, GA

I am looking for a lease to purchase option in 30024. Preferably a town home. In the current market is this a popular option?

Asked by Maijac2, Suwanee, GA Sun May 19, 2013

Help the community by answering this question:

Answers

3
Thank you both Raymond and Rodney, I will heed the warning.

I am in the position of needing to relocate preferably to 30024 zipcode, are either of you gentlemen familiar with realtors in the area. I am looking for a 3 bedroom townhome?
0 votes Thank Flag Link Mon May 20, 2013
With prices and interest rates going up I doubt you'll find a good Lease purchase home. Rental homes can be found. There are lots of finance options these days, so I believe finding a way to purchase a home right now is the way to go. Several ways to do financing: obtain financing on your own, buy a home offering owner financing or contact one of my investors that will buy it for you with cash and owner finance it to you. My number is 678-926-8692
0 votes Thank Flag Link Mon May 20, 2013
I do not suggest doing lease purchases/rent to own. There are simply way too many things that can go wrong with one from either side.

In order to do true owner financing, the owner must own the property free and clear of any mortgages. Very few sellers are going to be in that position.

If the property currently has a mortgage on it, the owner cannot legally transfer the title to a buyer without the mortgage first being paid in full. Most all mortgage loans have a due on sale clause. This due on sale clause requires that the mortgage be paid in full should a title transfer occur.

The buyer is also at great risk on a lease purchase transaction should the seller quit making their mortgage payments. Right now, many sellers cannot afford to make their mortgage payments or simply chose not to continue making them. I have seen where the buyer is making their rent payment, but then the owner is not paying the mortgage. The next thing the buyer knows is that the home is in foreclosure. That means the buyer will generally not get back any of the money they have given as earnest money or security deposits.

It is also a big risk on the buyer. If your credit is not where it needs to be now, there is no possible way of you knowing it will be acceptable in a set amount of time.

Before entering into any type of agreement like that, the buyer needs to make sure that they fully understand the potential pitfalls that could arise. Should the seller default on the mortgage, the buyer could lose ALL of the money that they have invested. Until you are able to purchase, renting is generally the safer option.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Mon May 20, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer