Home Buying in Oklahoma City>Question Details

Christi Butl…, Home Buyer in Oklahoma City, OK

Where could I get a good list of houses that are lease option?

Asked by Christi Butler, Oklahoma City, OK Fri Feb 21, 2014

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Christi Butler’s answer
Thank you all so much for the information! I was considering the lease option idea only because my credit score is only like 520 and I have been renting an apartment for several years now and just really would like to spend that rent towards something that I would eventually own.
0 votes Thank Flag Link Fri Mar 7, 2014
Rent to own is not a good idea, therefore fix whatever is preventing you from purchasing outright. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright, or simply continue renting until a purchase can be made.....
2 votes Thank Flag Link Fri Feb 21, 2014
From your local REALTOR member, I would choose Melissa from the below agents.
1 vote Thank Flag Link Fri Feb 28, 2014
Your local Realtor can provide a list of homes that are on the MLS that are for lease. There are not many there, so your next best option would be to check with local property management companies. Email me and I can send you a list of local property management companies.
1 vote Thank Flag Link Mon Feb 24, 2014
A lease/ option has it's benefits for some, however, like others have mentioned, the L/O or Lease/ Purchase are usually better for the Landlord/ Seller than the Tenant/ Buyer. If the L/O is structured properly allowing for little to no money down for the option, then you can be at an advantage, especially in an appreciating market. Even if the market slides, you don't have to exercise your option and let it expire. The key factor is your language in the lease/ option contract. Check with your local Realtors for a list of home that have been on the market for extended periods of time both for sale and for lease. Good luck!
Web Reference: http://www.jameswehner.com
1 vote Thank Flag Link Sun Feb 23, 2014
I agree with Anna that rent to own is not a good idea. However, some sellers will consider a lease with option to purchase. Very few of these ever close, however, sometimes realtors do know of a house where the owner will consider that option. If you see a house that you are interested in writing a contract on, you can see what the owner will do. Be careful of rent to own scams. Some unscruptulous landlords will do a rent to own and have you invest money in fixing up the property. Then they are unwilling to sell. It is best to get your finances in order and then purchase. Talk to a loan officer and see what you need to do. I have had several clients who thought they could not buy and they were pleasantly surprised when they could qualify. Some had to fix some things and wait a few months. And some had to work on their credit longer. If you set your mind to owning a house, you will be able to purchase one.
1 vote Thank Flag Link Sun Feb 23, 2014
I agree with Anna that rent to own is not a good idea. However, some sellers will consider a lease with option to purchase. Very few of these ever close, however, sometimes realtors do know of a house where the owner will consider that option. If you see a house that you are interested in writing a contract on, you can see what the owner will do. Be careful of rent to own scams. Some unscruptulous landlords will do a rent to own and have you invest money in fixing up the property. Then they are unwilling to sell. It is best to get your finances in order and then purchase. Talk to a loan officer and see what you need to do. I have had several clients who thought they could not buy and they were pleasantly surprised when they could qualify. Some had to fix some things and wait a few months. And some had to work on their credit longer. If you set your mind to owning a house, you will be able to purchase one.
1 vote Thank Flag Link Sun Feb 23, 2014
Rent to own is a horrible, horrible idea for the buyer. Treat renting and owning as two separate transactions.

When you want to buy a home the best place to start is to hire an EXCLUSIVE Buyer Agent, not just a Buyer's Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. I can refer you to an EBA in your area, if you like.

I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home and get a mortgage without getting ripped off. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.HelpUBuyAmerica.com
0 votes Thank Flag Link Fri Feb 28, 2014
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