Home Buying in 30294>Question Details

Algray02, Home Buyer in 30294

i have 3k to put down on a lease option,for Ellenwood ,GA.

Asked by Algray02, 30294 Wed Dec 14, 2011

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Good answer Ron! I agree. Lease option situation rarely work out and the terms aren't very favorable to buyers. You should talk to a lender and see what it will take to get prequalified for a mortgage. Save that money and use it for a down payment! Or, if you have credit issues (which is typically why people look for lease option situations) then use that to pay down your debt so that you can build up your credit score.
Web Reference: http://www.sallygrenier.com
2 votes Thank Flag Link Wed Dec 14, 2011
If you have $3k to put into a lease option,
why don't you first try to buy using conventional financing:
L/O often have higher Sale Prices
L/O often have stiff terms.
There is no "Boilerplate" L/O contract.
You should talk to a good Mortgage Officer first.

Good luck and may God bless
1 vote Thank Flag Link Wed Dec 14, 2011
Lease purchases are a complete waste of money from the view point of the buyer. Don't do it.
0 votes Thank Flag Link Wed Dec 14, 2011
Hi Algray02,

Thanks for submitting your thread. I recently had this question asked by a distant family member. A lease option to purchase, as I will assume this is your question, is a three year plan where sellers and investors market property to target folks with less than desirable or bad credit to seemingly purchase a house within a short time frame. Statistically, these type deals rarely make it t term and the sellers know this. The option terms are so strict and rigid that it is nearly impossible for a potential buyer to actually own the property. For example if you are late on one payment or loose your job/income and can not pay, the contract is void---no exceptions will be granted for any reason. Keeping this in mind it would be a huge gamble with your $3K.

As mentioned below, the smarter choice would be to hold onto the $3K and build on to it, or pay down debt to build up your credit. The housing market will more than likely remain the same for some time to come and this will be to your advantage. Good luck!
0 votes Thank Flag Link Wed Dec 14, 2011
As Ms Grenier said, use that money to pay some of your debt down or off. If you're worried about downpayment money, I can help you find a HUD home that only requires $100 as downpayment. Call me in the morning @ 404.422.8568 so that I can talk to you about all of the options available to you. I'm local and have local loan officers that will walk you through this complete process from start to finish. Or you can email me at travis@myagentistravis.com so I can send you a list of loan officers.

I look forward to hearing from you soon.
0 votes Thank Flag Link Wed Dec 14, 2011
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