Home Ownership in Ellijay>Question Details

Teresa.norri…, Home Buyer in Ellijay, GA

Looking for a house that is lease with option to buy. My name is Rick Norris if you know of anything please let me know.

Asked by Teresa.norris47, Ellijay, GA Wed Aug 21, 2013

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Kenny Schrader’s answer
Rick..Please give me a call to discuss your lease options.....or email me.....
Kenny Schrader - Realtor- GRI
North Georgia Cabins & Land LLC
At corner of Bullen Gap and Hwy. 515
Office Located on Hwy. 515 Just past June Walker Chevy
eMail please to: RealtorKenny@gmail.com
CALL 706 889 1906
0 votes Thank Flag Link Wed Aug 21, 2013
If you are still looking we are getting ready to list our home 3/2 about 2 miles out from Ellijay send me an email and I can send you some pics and info bobbennett921@gmail.com
0 votes Thank Flag Link Sat Sep 21, 2013
Dear Norris',
In Gilmer and Fannin County there are at least 10 Lease Option listings with 9 ranging from 102,000 - 259,500 and one at 449,900. approx. square footage indicated may range from 1150 - 2660 or more with 2-5 bedrooms.
When you contact a local agent, you may need to specify some of this criteria so they can help you find the correct size and price you are looking for. The first answer gave you a good indication, which may vary a little for local area, of what a lease purchase requires of you. Some full time rental companies also have listings that could be purchased after a year or two of renting so you may want to check their listings also as those are not always advertised through the MLS.

Good luck in your search and if I can be of assistance, please contact me.
Judy Aselton
Century 21 In The Mountains
706-632-2041 x 0601
0 votes Thank Flag Link Wed Aug 21, 2013
Hi Rick,

Make sure you read the "fine print" and understand what a lease option is. You will likely:

1. Have to put a substantial amount of money down to enter into such an agreement.

2. Be responsible for the upkeep and any repairs during the extent of your lease. If the A/C goes out, or the roof leaks - it's often the tenant/buyer's responsibility to fix in these agreements. Remember, you are essentially agreeing to purchase it - just at a later date.

3. You will still have to qualify for financing when it's time to exercise the option at the date agreed upon. If you can't get a loan at that time - you will lose everything you've "banked" each month, and your down payment.

Enlist a local real estate agent or attorney to explain the details and pitfalls of these types of deals. Many people seem to think that "rent to own" is a means of circumventing the process of having sufficient credit and qualifying through a bank/lender - but nothing could be further from the truth.

Hope that helps!
0 votes Thank Flag Link Wed Aug 21, 2013
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