Home Buying in Baton Rouge>Question Details

Tashannj23, Home Buyer in Baton Rouge, LA

Looking to do a lease purchase...any ideas where I should start?

Asked by Tashannj23, Baton Rouge, LA Wed Jun 19, 2013

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5
Tash,
More frequently I am seeing posting regarding this optoin.
May I ask, "Why do you believe this is a good option for you?"

Many tiimes, when a trend become apparent, there is an acutaul event driving the response.
What is the source of your interest in lease/purchase?

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.
0 votes Thank Flag Link Thu Jun 20, 2013
Absolutely......

Begin by truly understanding was a "lease purchase" means and really involves. This primer may be helpful.

Most lease purchase sellers will expect or require a fairly large deposit. This is done in an effort to protect their investment and insure that should the buyer trash the place and walk away that there are funds available to correct the problems.

Lease purchase agreements should be drafted by an attorney. If you find yourself agreeing to use the seller paid attorney ask yourself who the terms would probably benefit? You should probably have someone negotiating these conditions from your perspective. Always review your documents carefully. many people sign first and then find after the fact that they agreed to terms that were unacceptable.

Buyers that find themselves in "lease purchase" agreements too often find themselves over paying for the property. Because of these special conditions buyers often lose their true ability to negotiate
and often pay above the present market value.

And finally, take note that your entire monthly rental/lease amount may not be credited to your principal. Often this involves only a percentage of your monthly payment. Do the math and read and comprehend what you sign.....or it could really cost you.

Still interested? proceed with CAUTION!

Bill
0 votes Thank Flag Link Thu Jun 20, 2013
Louisiana has a few options including Bond for Deed which is similar to a lease purchase, so I'd get with a Realtor that has successfully handled this type of transaction. Once you meet with a Realtor then you will need to get with a lender to look at what will work best for you. Every situation is unique so what works for one person may not be the best for another. Feel free to call me anytime!

Bottom line... Call a trusted Realtor and get with a trusted Lender and they can get you on the right path.

Margaret Rodrigue
505-8725
justcallmags.com
Web Reference: http://www.justcallmags.com
0 votes Thank Flag Link Thu Jun 20, 2013
Before you enter into this type of contract with a seller make sure that you understand how it works. If you click on the link below it will take you to my Blog about Rent to Owns and how they work. Good Luck.


http://realestatealain.wordpress.com/2013/05/30/how-does-a-r…
0 votes Thank Flag Link Wed Jun 19, 2013
Tashann this is a really good question that I believe a lot of people have but generally don't know where to start. The first thing that I would recommend if you haven't done it already is go to a bank or financial institution that can assess where you are currently with your financial situation. MANY people either know or aren't confident in their financial situation where it is and skip this step which is the most important in the lease/purchase process. The reason is, in order to negotiate a great lease purchase for you, you have to know where you stand as far as the purchasing process with your financials. If you aren't in a situation to where you can get a normal loan currently, you are going to know what timeframe that you are going to be on the "lease" portion of the agreement until you can qualify. The second part of that is to get an agent like myself who can go over what homes would fit your criteria that are currently on the market. Finally, an agent can negotiate a home lease purchase or owner finance purchase for you. At that point you can close on the agreement and move into your home but the work doesn't stop there. You are going to have to make a commitment to getting things in line to get standard financing so that you don't miss out on purchasing the home that you are putting the lease/purchase agreement on.

There is a lot more to it and a one on one meeting to get a better understanding of your situation and needs would be best. Feel free to email me at Rinaldi@BatonRougeAvenues.com or message me and I will be glad to meet with you and give you a better personal valuation of your situation.

Hope this helps,
Rinaldi Jacobs Jr.
Harris Manor Realty
0 votes Thank Flag Link Wed Jun 19, 2013
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