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Chantel Fost…, Renter in Ben Hill, Atlanta, GA

is this property still avail. for rent to own? looking to relocate this coming April

Asked by Chantel Foster, Ben Hill, Atlanta, GA Sat Feb 19, 2011

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This question is about this property: http://www.trulia.com/property/3036401115-1850-Village-Mill-…

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The home at 1850 Village Mill Road is still available for sale, Chantel, but isn't advertised as a Lease/Purchase option. There are five other homes active in Village Mill, which feed into Vanderlyn Elementary, but only one in a similar price range-also not listed as a lease to own. 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, Good Luck!

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

http://www.SellsRealty.org

Info@SellsRealty.org
1 vote Thank Flag Link Sun Feb 20, 2011
Unless absolutely required, I would not suggested anything to do with lease purchase deals. In most cases you'll end up posted a sizeable nonrefundable deposit, be locked into a contract for an extended period with terms that will not be changed and usually overpay for the home. Most lease purchases never close so buyers end up worse than when they started. Think about why a seller would offer that - usually because they can't sell the home....why would you want that headache?

If there's a reason you feel the need to look at that, fix the problem and buy. If that can't be done right away, rent and do it in the future as renting is better because at least you don't have a crazy upfront down payment. When you do get in the buy mode - do your homework and ask questions, get with a trusted lender and agent and consider their advice.

My two cents - Hank
Web Reference: http://www.hrmiller.com
0 votes Thank Flag Link Sun Feb 20, 2011
Hi Chantel,

Feel free to contact me. I have a few foreclosures and short sales in the same area that may interest you greatly and save you a lot of money. Nonetheless, if you are moving in April, you may want to start getting pre-approved now. I have a few great suggestions to speed up your approval process and simultaneously help you improved your credit in anticipation of the move. I am a native of Georgia and have been licensed since 1990. Feel free to go to http://www.SonyaJonesSellsHomes.com and click on the community tab for more information for potential relocation clients. I have a few great referrals who can get you started. I specialize in lease purchases and owner financing. I totally expect to provide you with quality service when an if you decide to call me. You are valued and I would be honored to assist you and your family as it is such an important move. I just want it to go as smooth as possible for you. sonyadjones@gmail.com

Sincerely,

Sonya D. Jones, Realtor
Re/Max Greater Atlanta
678.755.6590 Direct
0 votes Thank Flag Link Sun Feb 20, 2011
Good evening Chantel,

This property is only available for sale. I'll be happy to send you a few lease/purchase properties for review. The best deals in Atlanta will be to purchase a foreclosure.

Feel free to contact me @ 404-317-4804 for more details.
0 votes Thank Flag Link Sat Feb 19, 2011
No this property is not list as rent to own but I can find out for you and I will also look for other if that is what your looking for. Just let me know price range and beds/baths you desire and location.

Tye jones
404.435.3661
0 votes Thank Flag Link Sat Feb 19, 2011
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