Home Buying in 92612>Question Details

Mike, Home Owner in Irvine, CA

Looking to lease or option to buy (2 & den) at IRVINE PLAZA OC. Up to $5K for the right deal. Excellent credit and income. Have $600K in 24

Asked by Mike, Irvine, CA Mon Jul 25, 2011


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Up to 5K? What does is that supposed to mean?
0 votes Thank Flag Link Thu Jul 28, 2011
Hello Mike,

If you would like to talk more about it - I am very familiar with the area and would love to help you explore your options. Please feel free to contact me at your earliest convience.
0 votes Thank Flag Link Tue Jul 26, 2011
Hello Mike,
All agents below are spot on. A lease option is not desirable and risky at that. One party at time of actually closing may be unhappy due to change in value once the lease term is up. The party with the advantage will not wish to re-negotiate and the other party will likely be unhappy. Appraisal also needs to be considered and if value has dropped then buyer may not qualify for purchase at earlier higher contracted price.
My advice would be to lease one you like and let the owner know you would be interested in a purchase if/when they decide to sell. Apply the "active first right" where possible too.
I live in the 92614 zip code if you wish help in the 92612 airport area. Please contact me.
Thank you,
0 votes Thank Flag Link Mon Jul 25, 2011
Great question Mike! The two answers below are spot on. I agree that lease options are very rare and you should never get into a lease option when a non-refundable deposit is required.

Let me know if you need any help or have additional questions.

All the best!
Web Reference: http://www.ajsocalteam.com
0 votes Thank Flag Link Mon Jul 25, 2011

Don't get yourself into a lease option where you're putting up non-refundable monies should you choose not to exercise your option to buy.

All you need to do is get into a lease with an owner who is open minded about selling in a couple years & put in your lease agreement terms "Tenant has the First Right of Refusal should the owner wish to sell". This means you'll get 1st dibs & you don't need to put up any non-refundable money.

I can get you a list of rental properties if you like & would be happy to help you find your perfect home in 2yrs. Email or call me directly, I don't check back on here for answers after mine. :)

562-430-3053 c
Realtor Since 1996
Main Street Realtors
0 votes Thank Flag Link Mon Jul 25, 2011
Hello Mike,

Lease options to buy are very rare and you might not want to do the deposit for consideration which can be several thousands and it is non-refundable.. You would probabley want to consider a first right of refusal that would be written in with your lease for the place you would be leasing.. How else can I help you Mike?
Ingrid Ski Realtor Talk to you soon...
0 votes Thank Flag Link Mon Jul 25, 2011
You will have to talk to a Realtor in Irvine,
But I can tell you that lately, Lease/Options have been very rare.

Good luck
0 votes Thank Flag Link Mon Jul 25, 2011
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