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Ginger, Home Buyer in Madison al 35757

what do I need to know about leasing a home with the option to buy?

Asked by Ginger, Madison al 35757 Wed Dec 3, 2008

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Dallas Texas’ answer
Have your buyers agent review the contract terms and conditions with you. In many instances if you are a day late in any payment purchase converts to straight lease. I would be careful about providing a huge down payment you dont know how credit worthy the seller/ property owner is and their future can change. In some instances huge downpayments seller has taken then home is in foreclosure you have lost everything. I recommend to lease option to purchase within a certain amount of time 1st right of refusal. In the meantime if you are doing a lease purchase I would focus on credit repair where you are in control of the property. Frankly you would be in business with property owner which can cause future issues, depends on the seller personality and etc. GOOD LUCK
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