Your Castle Real Estate
In fact, Lease/Option is very rare:
It is also fraught with pitfalls as there is no standard for the Contract; it could be a Pandora's Box for you.
The TIME element, the INTEREST RATE, the SELLING PRICE, the TERMS, and the consequences if you cannot meet the TERMS. This is a real Caviat Emptor!
Good luck and may God bless
There is indeed a way to pull properties from the MLS that have "Lease Option" in the terms field.
To be quite honest, you really don't see it all that often when searching specifically for these types of homes.
I have had more success in talking to sellers to see if this is something that they would entertain.
Let me know if you need any assistance!
REALTOR, CDPE, The Elite Team
Your Castle Real Estate
Hope this keeps you out of harmâ€™s way.
Lease with an Option to Buy is something I get asked about regularly. I can tell you I have been a full time Broker for 20 plus years and have had a license even longer. I have never heard of a lease option that was anything more than a lease.
With a lease option, you pay a non-refundable fee to the Seller to take the property off the market. You then lease the property and there is a contract already in place that stipulates the purchase price of the home and how much (if any) of your monthly rental will be applied against the cost. The option fee is credited against the cost if and only if you purchase the home in the stipulated time frame otherwise it is forfeit to the Seller.
Very rarely do I encounter someone asking about Lease-Option that understands how it works. Most would like to think it means they will pay rent and that all the rent will be applied to their buying the home. This is commonly what they tell me. In other words they think the owner will allow them to live in the house for nothing while they build up a down payment, let me assure you that in the real worldÂ Â this doesn't happen.
Unless you are waiting on a large cash settlement from the sale of a home or something else in which case something like a lease option might be practical, Â I would encourage you to simply look for a rental propertyÂ and work on saving upÂ a down payment and maintaining or improving your creidt score so that in a year or two you could purchase a home.Â
Most sites like Trulia do not offer this option. Some MLS systems will have a box an agent can search for. Have a good local agent discuss your needs and have them set up a search for Lease Options and send you the homes.
One thing, find an agent who has experience doing these. They are a specialty and coming to terms which are beneficial to a buyer as well as the seller takes a knowledgeable experienced agent.