Hey there Kentucky.....

I go through all the positives and negatives on my website and in previous posts here on Trulia.(Just search my previous answers)

If you need help putting the paperwork together to make sure it's correct and a win-win for everyone....let me know. Or...if you just want to run a question by me....I'm all ears.

Darin

Dear Homebuyer,

In many cases lease options are a good way to get into a home and get a portion of your rent applied towards purchase credit. If you have less-than-perfect credit it provides a time frame that you must get your credit in good standing so that you can eventually qualify for purchase.
One caution is I would see who owns the home. Make sure that the person that is offering the lease option actually owns the home, this would be through a local title company. You would ask for a title search. Also you want to check any liens on the property like tax liens, etc. This way you make sure that you are not handing over a lease option check to someone and then in a couple months you get a surprise visitor to your door and they ask you who are you? Good luck!

Depends on the terms of your lease option. Many times the option consideration is non-refundable and 80% of lease optionees never follow through with the lease option. Negative is that you must exercise your right to purchase this home in a few years yet you do not know if the home will appreciate or depreciate or what financing options and rates will be in the future.

Best
Dave Lund