Home Buying in Hubbard>Question Details

Mrs. Jones, Home Buyer in Hubbard, OR

We want to buy a home in Hubbard, Or the house in paid off by owner , We are renting the house at this time

Asked by Mrs. Jones, Hubbard, OR Wed Oct 23, 2013

She informed me that it deappreciate $20,000 for the amount she paid for it thats a lot ,I want to find out if we lease to buy , who carries to the note ? who do we have to appraise the house ? what is the cost ?who pays for it ?
how / who does the paper work for the sale of the House ?

Thank u ,

Shabbypainter52@yahoo.com

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Hi, Mrs. Jones. If you do a lease-option, that is a "lease" (rental) with an option to purchase, so any payments until you turn it into a purchase are "rent" or "lease payments". A lease-option contract should be for less than 24 months.

Before entering into a lease-option, you should have a solid plan in mind about what you are going to do at the end of the lease-option term. Are you going to be able to purchase it at that time, or are you going to not "exercise" your option to purchase.

You need two professionals advising you to answer all your questions: a Licensed Mortgage Loan Originator (loan officer with a credit union, bank, or mortgage company) and a licensed Real Estate Broker.

Give me a call at 503-580-2941 and let's set an appointment to discuss your needs and goals, and make a plan of action that works for you. I will also refer you to a trusted real estate loan professional to answer all the questions in their area of expertise as required by Oregon law.

Priscilla Beggs
Owner/Principal Real Estate Broker licensed in Oregon
Zenith Realty, LLC
503-580-2941
1 vote Thank Flag Link Wed Oct 23, 2013
thank you very much
Flag Wed Oct 23, 2013
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