My husband and I live and own a home in the SF Bay Area and are looking to relocate to Ridgefield/Vancouver, somewhere around there. With our real

Kathy
Home Buyer
Fremont, CA

estate market depressed down here, I have been thinking that a lease option up there would be a good way for us to go, to make sure we are ready to leave CA and commit to WA.

I have seen plenty of houses that I'd love to live in, but don't know whether owners are considering the lease option route.

Can anyone advise me on that? Thanks!

Answers (3)
Terry Eccles-Pe...
Agent
Vancouver, WA

Good Morning Kathy! We are seeing more lease options up here. And whether a Seller will take one, depends entirely on the Seller's situation. I would continue to search for a home that fits your families needs and then make contact with the Listing Agent and see if the Seller is considering a lease, and what terms, deposits and contract the Seller would be willing to agree to. The problem with lease options for the Seller is that rarely do they close. So be prepared to make a larger downpayment or nonrefundable deposit. Depending on your situation a rental might be more appropriate until you decide on the neighborhood, or the schools or if Washington State is going to work for you. I would be happy to help or give you some referrals to Management companies.
Wishing you a smooth transition,
Warmly,
Terry Eccles-Pettet
Realty Pro, Inc
360-921-9360

Sun Sep 6 2009, 05:46
HHI Investing,...
Both Buyer and Seller
Hilton Head Island, SC

Hey there Kathy,

As I have answered a few other times for some people on the forum... Lease-to-Own deals are rarely advertised especially by Real Estate Agents or Brokers. They typically prefer NOT to suggest those type deals to their clients for various reasons. (They don't get paid their commission, if at all, until later, or they don't understand them completely to put one together, etc...etc)

That being said, the public also tends to have a misconception of Lease-to-Own deals. Many are just plain uneducated as to how to put one together so that it benefits both parties.

The only true way to find out if a seller is willing to sell/lease their house is to ask them. Just like the old saying goes...."If you don't ask, the answer is always no."

If you decide to ask a seller who has their house listed with a real estate agent, expect to be asked to put a larger amount upfront as option consideration because the agent will be looking out for their clients best interest and to do this, they want as much money as they can get upfront (upwards of 10%). If, however, you can find a For Sale By Owner or For Rent By Owner (the latter being more plausible) in the local paper or by going onto websites such as Kijiji, Craigslist, or Backpage, then you can negotiate possibly a lesser amount upfront especially if they are MOTIVATED to sell. (Some are renting because they had their house listed in the past by a Real Estate Agent without any success.)

Either way, MAKE SURE YOU USE PROFESSIONALS (licensed or non-licensed) WHO ARE FAMILIAR WITH A LEASE OPTION when you put it together! Real Estate Agents are not always needed but an Attorney or Title Company definitely IS. If you do decide to use a Real Estate Agent, make sure they have done them successfully in the past and are receptive to the concept.

On an aside, if you are wanting to sell/lease your house in Fremont as a Lease Option, shoot me an email. My associate and I have people looking for houses all the time in the Fremont, Hayward, and Pleasanton areas. She has people contacting her all the time but we don't have too many houses to offer them. Not sure if you'd be interested in doing that but as I said earlier...."If you don't ask, the answer is always no."

Have a great Labor Day Weekend!

Darin
Lease-to-Own Professional and Independent Consultant

Sat Sep 5 2009, 19:14
Caryl Frazier
Agent
98685
FIRST ANSWER

Hi,
Lease options are certainly more popular right now for the same reasons as anywhere else.
We live in a beautiful part of the country so your move would be a good one.
If you contact me with your email I could send you some properties that fit your
criteria. I live in Salmon Creek, just south of Ridgefield, so I know the area very well.
If I can be of any help, just ask.
Jim Frazier
frazier@pacifier.com
360-921-8064

Sat Sep 5 2009, 14:01

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