Home Buying in Carrollton>Question Details

Tae, Home Buyer in 75011

lease purchase...

Asked by Tae, 75011 Fri Apr 1, 2011

I am moving to the area in July 2011, what are my options of finding a lease purchase property, like a 1 yr lease and purchase at the end of the lease term? Who can help me in this search, a realtor/apt locator?

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8
There are lease to purchase properties being advertised, but be leary, when leasing you need to make sure the owner/seller is making the mortgage payments. If they quit making payments for whatever reason and the bank forecloses, you are out of any money given to the owner and you will be forced to move out. I always recommend to lease a home with a first option to purchase if you decide you want to purchase the home.

Why do you want to lease first and then purchase?

Please give me a call or email me back and we can discuss further...

Joann K Jackson
Keller Williams Realty
214-697-0819
Email: joann.jackson@verizon.net
Web Reference: http://www.joannjackson.com
1 vote Thank Flag Link Sat Apr 2, 2011
Tae,

You don't want to lease purchase here. Normally bad news for the tenant.
If you need to lease, then do that first and look around for a place to buy later.
You'll save yourself a lot of time, money, and headaches this way.
We've basically outlawed lease/purchase here in Texas, but you might still
see signs around of people who think they have a work around.
When I see the contracts they're typically nothing but trouble for the buyer.

You can see homes for lease in Carrollton here:
http://www.mlsfinder.com/tx_ntreis/robertbrucelynn/index.cfm…
1 vote Thank Flag Link Fri Apr 1, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
If you can't get qualified for a regular home loan don't risk it. You can get pre-qualified for FREE with any lender and they can tell you what you need to do to get your credit up to a good score to be able to buy. I agree with the agent, Joann below, don't risk your money or time. Too risky.

BEST OF LUCK.

Kenny
TURTLE CREEK REALTY
0 votes Thank Flag Link Fri May 6, 2011
Because of problems in the past with transactions where the seller was leasing the property to the future buyer, the state of Texas implemented tough legislation making it difficult to purchase more than 180 days into the future. These executory contracts require the seller to make disclosures not required of normal Realtor-written contracts. If the seller fails in some minor way to fulfill his obligations, the burden on the seller is so onerous that smart sellers don't want to write such future contracts.

Only an attorney can draw up a contract that will be executory for more than 180 days. Realtors can find such properties, negotiate and advise & assist you, but the contract itself must be written by an attorney. This leads many Realtors to believe they're illegal or that they can't help you. We'd be glad to help you, but the process is much more complicated than a typical transaction.

Unfortunately, not many properties are offered this way. If you need help, just contact me.
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Sat Apr 2, 2011
A Realtor will help you locate a lease property the best you can go with apt locator but that's a little more difficult.
0 votes Thank Flag Link Sat Apr 2, 2011
Always use a Realtor in these types of transactions. Happy offer my assistance I represent many families locating here in DFW

Direct LInk for leases Carrollton : http://www.lynn911.com/Web/AR287090/CustomContent/index/5041417

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Apr 1, 2011
Lease purchases are illegal in Texas. Steer clear of anyone tht says they will do one.

Get aan Accredited Buyers Broker, like me, that also does leases. Find a lease house and decide where you want to buy in a year,
0 votes Thank Flag Link Fri Apr 1, 2011
Tae-

I completely agree with Bruce. There are decent town homes you can rent or of course apartments.
Lease-to-own is not a function Texas Realtors are authorized to write mainly because of unforeseen
issues that occur down the line. Some home owners will "lease" their home and you will find out
when the Sheriff comes knocking, they are behind on mortgage. This is why I will only write a lease
that is represented by a property management company.

If you would like to contact me to get more information as to what is available in your desired location, feel to contact meat the information provided below.

Carrollton is a great little city and I will assist you in finding the property that will work for you.

Best Regards,

Lucy A. Puniwai
REALTOR®
(214)783-6416 - Cell
(682-224-8050 – Fax

puniwai@fathomrealty.com
0 votes Thank Flag Link Fri Apr 1, 2011
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