Home Buying in 30294>Question Details

Retiree, Home Buyer in 30294

I have 5k to put down on a lease with option to buy. Location Bouldercrest Road, Ellenwood, GA. Smithfield Grove or Boulderpark subdivision

Asked by Retiree, 30294 Wed May 4, 2011

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Go in with eyes open and read up about the pitfalls of rent to buy. If you fail to buy it in the specified time you will loose that deposit and any option money paid each month that is added to the rent. You will have to qualify for a loan and you will have to get the home appraised and with property values not going up that could cause you to not get that loan which will prevent the purchase and forfeiture of the deposit. My suggestions is to save that money, rent until you can buy and then buy rather than try to do it with a rent to buy that grossly favors the seller/landlord over you. caveat emptor
1 vote Thank Flag Link Wed May 4, 2011
Why lease, I can help you to purchase your home of choice. No downpayment, No Credit Score,
Low Interest Rate. We can make it happen. CALL NOW !!!!!

James Dean, Associate Broker
Solid Source Realty,Inc.
770)475-1130 ext 2213
404)388-7110 cell
0 votes Thank Flag Link Fri May 10, 2013
Mr. Moore's answer is well put, but here is another option: Look for a seller-financed home. Currently, stringent borrwoing guidelines are making it harder and harder for potential buyers to get bank financing. In a sellr-finance scenario, the seller becomes the bank and the seller's attorney writes up your loan just as if you were borrowing from a bank. If non such properties are currently available where you want to buy, your agent may be able to approach a seller or an expired or withdrawn seller and interest them in selling to you under these terms.
0 votes Thank Flag Link Fri May 6, 2011
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