Home Buying in Nappanee>Question Details

Jbokhart, Home Buyer in Nappanee, IN

Where can I find lease/option to buy or land contract homes in Northern Indiana??

Asked by Jbokhart, Nappanee, IN Mon May 25, 2009

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Dp2 is right. Rarely are Lease-to-Own deals advertised. Most times you have to create them. And Real Estate Agents aren't really necessary to find one. (In fact....many become more of a hindrence than an asset because they have to look out for THEIR best interest and when THEY get paid.) Bone up on some Website based articles, but.......All you need is a Title Company/Closing Attorney who is familiar with Lease-to-Own contracts.

One of the easiest ways is to call up all the ForRentByOwner's in the local newspaper (or go onto Craigslist). Since they are already trying to rent the house you don't have to overcome the "rent hurdle" as you would with a typical MLS listing or a FSBO. You simply ask them about the property....if it sounds good to you, tell them that you're really interested in it but would rather have the opportunity to buy it at the end of the lease. Look for motivated sellers/landlords if you can. They will be more willing to work WITH you.

Many times you will find that the FRBO was renting it because they couldn't sell it in the first place. The FRBO gets the best of both worlds by having their place rented for 12-36 months by someone who will treat it as if it was their own house(unlike a typical "Renter" who doesn't have a financial interest in the house), and then wants to buy it at the end of the lease! What more could a seller/landlord want?!?!?!?

Lease Options are limited only by your imagination. The late-great Real Estate columinst/journalist Bob Bruss once lease optioned a house......for 10+ YEARS!!!! You can also google his name to do a little more research on the subject of Lease Options.

If you'd like some help finding some, shoot me an email and we will see if we can put something together for you.

Web Reference: http://www.hhiinvesting.com
2 votes Thank Flag Link Mon May 25, 2009
In many of the MLS systems there is a field for Lease? or Leased. You can make an offer on any home subject to your terms. The worse thing that can happen is the owner says No. If going thru a Realtor, sit down and go thru the MLS, pick out all the homes you are interested in, then your realtor will or should call ahead to the listing realtors and ask if the owner is open to a lease option. This will cut thru the pack.
0 votes Thank Flag Link Tue May 26, 2009
There's nothing tricky or mystical about lease-options.

Darin is correct: there's plenty of information available both on-/offline about them. You could search for a few of my or his earlier posts here on Trulia, or you could go visit http://www.biggerpockets.com to learn more about them.

Ideally, you probably should work with a knowledgeable pro (an agent, RE lawyer, investor, title company, etc) to help you with your offer.
0 votes Thank Flag Link Mon May 25, 2009
I agree with Dana. At the very least, you should have an attorney who specializes in real estate law to draw up the contract. Depending on where you are looking you can find them, it just takes some work. I see you are in the Nappanee area, do you want to find a property there or would Elkhart/Goshen be ok too?

If you want some assistance, I will be glad to help. Please check my profile and give me a call or email me with what type of house you are looking for.
Jody Jones
0 votes Thank Flag Link Mon May 25, 2009
and please use a local agent to do this. this type of purchase is tricky & you can stand to lose a lot of money if you do not have an experienced agent looking out for your interests.
0 votes Thank Flag Link Mon May 25, 2009
Instead of asking where to find them, you should make an offer on property that you'd like to purchase using a lease-option or land contract.
0 votes Thank Flag Link Mon May 25, 2009
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