In My Neighborhood in 30076>Question Details

Betty Smith…, Renter in Decatur, GA

My husband and I are looking for a home in 30076 to Lease/Purchase. What would be the best way to go about finding one? Thanks.

Asked by Betty Smith Sadler, Decatur, GA Fri Mar 4, 2011

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Hello we have a home in Roswell to lease! It is located at 5045 Eves Place. We are relocating and would love to give you a tour! I can be reached at 502.909.5591. thank you!
0 votes Thank Flag Link Thu Aug 23, 2012
9295 Stonemist Trace, Roswell, GA. for Rent on Trulia
0 votes Thank Flag Link Thu Jul 12, 2012
If you want to find lease-options and lease-purchases, here's a blog I wrote on how to do it: http://bit.ly/aS0bUL

Hope that helps.
Web Reference: http://bit.ly/aS0bUL
0 votes Thank Flag Link Fri Mar 4, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Betty,

Call me. I am a Realtor in Roswell and I can help you! Barbara Flam 770-401-3950.
0 votes Thank Flag Link Fri Mar 4, 2011
Find a Realtor.. if they let you do a lease purchase, fire them, and get another one. One that will put your interests first and not advise you to do a lease purchase. If I'm representing the seller I try to get as much non-refundable money up front as possible because I know that 80% of lease purchases are not going to close so I want to protect my seller. If I'm representing the buyer is say NO way will I let you enter in to a lease purchase. What's the point? Just so you can tell your friends and family we are doing a lease purchase instead of renting? It makes no sense and most below agree. If you rent, no one is going to look at the house even if it's on the market. After a year, you'll know your financial situation better and if you can get a loan, what seller wouldn't give the tenant an option to negotiate a sale first? If you do get the seller to give you an option to buy, you surely don't have to buy that option. Hence, once again, a reason why you should hire a Realtor. We know what we are doing and can offer you the best advice for your situation. Second, get with a loan consultant and let's find out why you are renting and not buying. Work on getting your credit and cash to the place where you can become a qualified buyer. Good luck Betty.
0 votes Thank Flag Link Fri Mar 4, 2011
Stacy had a win/win and that's rare. The things that caught my eye were -

"complex" - a condo? A lease purchase in a condo at this time? Wow.....
I've worked with folks coming off divorce, I always have them rent to establish an independent credit history, and then buy. After a divorce there are 1000 variables, including where you end up given the upheaval it brings. Why would you immediately buy or walk into a lease purchase? Temporary = rent in my book.

"Tenant is investing to update the home" - sellers loves that. "....If they back out - which is unlikely...."? That sentence slams home the point about the Catch 22 you put yourself in with lease purchases - damned if you do and damned if you don't. What seller wouldn't like that? Especially in a condo - in this market - at this time?

Let me again properly drive home the point....

After the deal blows up, you're in even worse shape because whatever down payment you had is lost. Now, where do you go from there? A review of this week's headlines will tell you that FHA is increasing requirements and conventional lenders are talking 20% down payments.....

So options become closing on an overpriced lease purchase home that will put you immediately behind the financial 8-ball or bailing on it and leaving the down payment and all other money you put in, which will put you behind the financial 8-ball.

Don't do it - rent if you need to, stabilize the finances and get your credit squared away. You will have much more buying power as a true buyer - lease purchases are financial tar pits for buyers.

Hank
Web Reference: http://www.hrmiller.com
0 votes Thank Flag Link Fri Mar 4, 2011
Don't do it. Lease purchase's are waste of time and money (for the buyer)..
0 votes Thank Flag Link Fri Mar 4, 2011
Betty,
Here's one of my recent lease/purchase success stories. Here is what made it a win-win.

The client knew they wanted to live in the complex.
Their financial situation was extremely solid.
The need for the lease portion was temporary, pertaining to the ability to purchase an asset after a divorce.
The buyer/tenant is investing money to update the home at their expense.

Even if the buyer has to back out, which is unlikely after the large investment they've made, then my seller gets the home back, upgraded and more marketable.

The most important determination is to understand your motivation or need for a lease/purchase arrangement.

Stacy Carter
Associate Broker
Better Homes & Gardens Real Estate Metro Brokers
0 votes Thank Flag Link Fri Mar 4, 2011
Betty -

The best way to go about this is to sit down with a sharp (or a few) mortgage folks and see what needs to be done to buy a hom, I abhor lease purchases for too many reasons to mention.

Michael did a good job of highlighting the process, but consider that list:

1. You agree on the price now that you will pay in the future. Where are values going? How many times have we "hit bottom"? This will be a continued slide then a flat bottom....
2. Sure, you can exercise the option and pass on the deal....and leave your down payment, maintenance, prorated rents, etc etc in the owner's pocket.
3. If you do exercise the option in 12-36 months, where are rates going to be? Where do you think they will be?
4. The seller will love you because it's really a win/win for them - the home is covered while you're in there, your non refundable down payment is his and if you buy it, you'll be overpaying...what's not to like?

There are more reasons than this (locations, condition) but considering a minute fraction of these actually close and buyers simply always end up on the short end of the stick, why do it? I know I'll have agents tell me otherwise - fine....I'll just say that I've been doing this 20+ years and have even appraised lease purchase homes as they got close - I personally have seen nothing but buyer disasters around them.

Get with a lender, figure the situation out and rent until you can buy - you'll save money and misery down the road.

Oh - let me be clear - I'm not a fan of lease purchases in any form

Hank
Web Reference: http://www.hrmiller.com
0 votes Thank Flag Link Fri Mar 4, 2011
Michael gave you some good information there! Really, the best thing to do is talk a few real estate agents and find someone who is a good fit for you and your husband. Then hire them to do the work for you! Lease/Purchase very rarely end up in the actual purchase. A lease with an Option to Buy is really a better way to go about this situation. I would be happy to talk with you in more detail and help guide you through some difficult decisions to make. I live, work and play in Roswell and love this area!

I have a series of 12 home buyer newsletters I'd be happy to include you on, of you send me your email address. Just let me know how I can help.

Feel free to contact me :
thanks,

tania

it's the perfect spot!

tania gardère macleod
Harry Norman, REALTORS
C 404.964.2267
F 404.497.5368
E tania.macleod@harrynorman.com
http://www.itstheperfectspot.com


follow me on:
http://www.facebook.com/itstheperfectspot
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0 votes Thank Flag Link Fri Mar 4, 2011
Betty,
Lease/Purchase is a searchable criteria in the MLS system, however, in this market, most home sellers will at least consider the Lease/Purchase arrangement with the right terms.

Your agent should be prepared to do a little more work, contacting the listing agents in advance to see if a lease/purchase is a viable option. He or she may have to "sell" the idea if the listing agent isn't familiar with the reasons why a buyer might want this option or how it would benefit their seller.

If structured right, it can be a win-win for both sides of the transaction.

Let me know if I can be of further assistance!
Stacy Carter
Associate Broker
Better Homes & Gardens Real Estate Metro Brokers
678-641-6631
0 votes Thank Flag Link Fri Mar 4, 2011
Any good agent can give you a list of homes for sale and Lease/Purchase, Betty. This seems to be an ever popular question on Trulia. Here are some things we typically send to our clients who might be considering a Lease/Purchase as food for thought when starting the process.

Lease Purchase Basics

•Buyer typically pays the seller option money for the right to purchase the property in the future. This option money may (should) be substantial.

•Buyer and seller agree on a purchase price, often at or slightly higher than fair market value.

•During the term of the lease, the buyer agrees to rent the property from the seller for a predetermined rental amount.

•The term of the agreement is negotiable, but the common length is generally from one year to 36 months, at which time the buyer will apply for bank financing and pays off the seller in full.

•The option money usually does not apply toward the down payment and is non-refundable, although that may change when we represent the Lessee/Buyer .

•A portion of the monthly lease payment typically applies toward the purchase price.

•No other party may purchase the property unless the buyer defaults and the buyer typically cannot assign the lease purchase agreement without prior seller approval.

•Buyers may be responsible for maintaining the property and paying all expenses associated with its upkeep, including taxes and insurance.

Bottom line, get a good agent to help with a Lease/Purchase Contract; it will likely save many headaches and more than a few dollars. Please call or email if I may help further, and Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.SellsRealty.org
0 votes Thank Flag Link Fri Mar 4, 2011
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