Moving in Prescott>Question Details

Brittany, Home Buyer in Prescott, AZ

We are relocating from out of state. Many homes have long been on the Market. What are the chances of getting a lease with option to buy?

Asked by Brittany, Prescott, AZ Tue Jan 25, 2011

We are coming from Missouri. I am skeptical about buying, before I know I love the area. I noticed many homes on the market for a few months. What are the chances of working out say a six or 12 month lease with option to buy the home at the end of the lease?

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I have moved Cross Country many times & understand that you are facing an amazing amount of detail & number of decisions as you plan your move.

I am not a big fan of lease-purchase. In my experience, the lease amount in the Prescott area usually does not cover or barely covers the landlord/seller's costs of ownership, so you will most likely not be given any financial credit for the lease time. As the market swings (in this market - probably down) the purchase price at the end of the lease typically does not represent the market value of the home & the deal is rarely consummated.

I also feel that you would be limiting your options. If you do not want to purchase right away: find a comfortable, budget friendly place to live while you determine which neighborhood & home best fits your needs. This gives you time to seek out the best place at the price that meets your family's goals. If you limit your search to lease options - you may end up settling for less than what you want.

You may have to make a second move, but being in a great home in a great neighborhood when you purchase may well be worth the hassle.
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0 votes Thank Flag Link Thu Jan 27, 2011
Brittany, I set up a site for you to monitor and check on all of the new lease purchase homes. I think you will find a better home at a better price if you don't lease first. You might want to rent first and look at homes to by outright with financing or cash.…

or to look at properties for lease.

Good Luck I know you will love Prescott AZ.
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0 votes Thank Flag Link Thu Jan 27, 2011
Yes there are plenty lease purchase or owner carry homes in Prescott. The big question is what do you have for a down payment and how much can you aford monthly. Here is a list of the options.
Call/email/text if you need help,
0 votes Thank Flag Link Tue Jan 25, 2011
Hi Brittany,
I agree with your strategy. It is a good idea to rent so you can check out the area. I have clients looking for a lease option. To be honest, there are not many of these listed on the market. I have worked out deals with homeowners having trouble selling their home. There are several homeowners having trouble selling. Given these deals, the chances of working out a 12 month lease with an optin to buy is very good. Making deals with homeowners also opens up your options to almost anything. Good luck to you. I hope you love Prescott as much as I do. Give me a call if you need further assistance.
0 votes Thank Flag Link Tue Jan 25, 2011
Dear Brittany:

Good question.

A Lease with and Option to Buy or an Owner May Carry financing home are possibilties. Keep in mind, that you will usually not get the best price or interest rate for this type of home. If so, the seller would drop the price and sell to a buyer with financing rather than carry the loan or lease option.

Your Realtor can provide a list of these homes to you with pictures and details.

Jeff Masich
Arizona Homes and Land
HomeSmart Realty
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0 votes Thank Flag Link Tue Jan 25, 2011
The chances are in your favor!

Contact a local agent to show you your choices. You are making a smart decision going for a lease option rather than just buying in an unknown area.
0 votes Thank Flag Link Tue Jan 25, 2011
Hi Brittney,
There are many home on the market here that have those options they are called “Lease Options” A Lease Option is to where you can negotiate the price now and at the end on the term or prior to expiring of the option you can purchase the home for that price. This is a good way to go as you are not obligated to execute the option and you can walk away from it at the end of your lease.

Feel free to give me a call if I can be of further assistance.

Best Regards,
Marijane Wilhelmsen – Realtor
0 votes Thank Flag Link Tue Jan 25, 2011
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