Jacqueline, Home Buyer in Eastpointe, MI

Lease option in sterling heights mi dodge park area

Asked by Jacqueline, Eastpointe, MI Sun Jul 29, 2012

I llooking for a " lease option propert in sterling heights. I' m on a fixed income and trying to re- establish credit. I'd like to stay under 1000.00 per month !

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4
Jacqueline,

I have investors that do a lot of them in this area. Yes you do have to protect yourself & know everything involved. That is why I would like to have a meeting with you. You may just decide to lease until you are able to get a mortgage.
0 votes Thank Flag Link Tue Aug 7, 2012
Do they purchase the home you wish to buy and then sell it to you?
Flag Sat Aug 11, 2012
It is unlikely you will end up doing anything but renting using this method so do not waste a lot of up-front money on options or rent credits. I have never closed one take-out loan for one of these puppies. Buy hey, lease option or lease to own are popular myths these days like unicorns were when I was a kid. Just protect yourself, don’t put up a ton of front money because you believe you are actually going to own the house someday. Lots of other safety suggestions in the link below, hope they keep you from making a terrible move, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue Aug 7, 2012
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
0 votes Thank Flag Link Tue Aug 7, 2012
Jacqueline,

I could help you with that. I would like to have a meeting with you & find out more about you to see what you would qualify for at this point, where your credit is now, what can be done with it & what you would qualify for in the future. I could explain the lease with option thoroughly to you as well. You have to make sure before you sign that you can & will be able to get a mortgge otherwise you would loose your option amount.
You can contact me through my website & search for homes there as well. I will be listing a home in that area that could offer lease option.
0 votes Thank Flag Link Tue Aug 7, 2012
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