Moving in Atlanta>Question Details

Brian Joseph, Both Buyer and Seller in Atlanta, GA

Looking for a Condo/Townhome Lease with an option to purchase within 12-24 months. Within the Sandysprings, Ga. area.

Asked by Brian Joseph, Atlanta, GA Wed May 23, 2012

2-3 Bedrooms, 1-2Baths with a little leg room.

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Dear Brian,

Hank Miller nailed it. You will have to move twice, but follow his advice and find out how to get in position to buy a home. While you are renting, you can take your time to get to know the area and zero in on where you want to buy.

Email or call me at 404-425-4945 when you are ready.

Best regards,

Dave Herren
Best Atlanta Properties
0 votes Thank Flag Link Mon Jun 18, 2012
Why in God's name would you want to lease purchase an attached home in SSprings. And I don't ask that for theatrics - I ask that seriously.

The area continues to be hammered by REO inventory and dropping values, there's nothing on the horizon that shows any positive movement in that segment. Why would you lock up a price now, toss a non-refundable deposit away and walk into something that will smack you financially?

Stop looking, start calling eitehr a credit company or mortgage guy to find out how to get in a position to buy instead of LP. And before you buy - the same concerns about the market exist. Save yourself money, rent until you get things squared away and then consider your options.

LP are a total sucker bet at best - locking in a price now and buying a year or two out...for attached omes...in a declining market....? Come on now!

Hank
0 votes Thank Flag Link Thu May 24, 2012
Brian,

I can help you find lease with purchase options in Sandy Springs. Here are some considerations to keep in mind:

Straight Lease (GAR F40) + Option to Purchase

Benefits:
No commitment to purchase
No upfront due-diligence expenses are required.
Option payment may be applied to purchase price.

Drawbacks:
Purchase Price could rise.
Other Purchase & Sale challenges by owner could pop up 12 months later.
Due Diligence discoveries could pop up 12 months later.
Option payment may be forfeited if closing not completed.
Option can expire, allowing other buyers to purchase.

Lease-Purchase Agreement (GAR F29) + Lease (GAR F30)

Benefits:
Owner cannot change Purchase Price, price negotiated upfront.
FEW Other Purchase & Sale challenges by Owner can pop up 12 months later.
Due Diligence discoveries occur in FIRST 30 days of lease.
(Home Inspection, Termite Inspection, Stucco Inspection, Lot Survey, etc.)
Earnest Monies are credited towards “purchase funds required at closing”.
Other buyers not likely to interfere with purchase, since Purchase and Sale Agreement is binding and merely dependent on contingencies in P&S (Inspection, Financing, etc.)

Drawbacks:
Tenant is committed to purchase.
Tenant must expend cash for upfront due-diligence expenses.
Earnest Monies forfeited if closing never completed.

Let's meet and discuss your options.

Best regards,

Rick
0 votes Thank Flag Link Thu May 24, 2012
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