Rentals in Duluth>Question Details

Amanda Mckis…, Renter in Duluth, GA

Are there Buyer's Agents out there who specialize in helping me find and secure a Lease/Purchase?

Asked by Amanda Mckisson-kijek, Duluth, GA Sun May 20, 2012

Most agents I've spoken to focus on steering me away from Lease/Purchase. I understand their reasons. Working with a Lease / Purchase client doesn't pay as well (or as soon) as brokering a direct sale. I was looking for a home earlier this year and working with a Buyer's Agent. Unfortunately, ran into a snag qualifying for financing and wont be able to get a bank mortgage right now. So had to switch my search focus to Lease /Purchase. Understandably, my current agent isn't as interested working with me for Lease/Purchase. So I'm thinking of changing agents and wondering if there are any out there that specialize in finding and assisting L/P buyers with Lease /Purchase properties.
If you are such an Agent, please contact me.
Mandy

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Hi Mandy,

RE: Reply to question, "Should I enter into a lease purchase?"

How are you today? Don't worry about not being able to qualify initially. I think it is great to enter into a lease purchase under the following circumstances if you are a buyer:

> If you know the time you have reserved to purchase the home will provide you the time needed, according to your financial adviser and/or mortgage consultant, to actually repair your credit to purchase. The lender should be able to confidently give the seller a realistic idea of when you can purchase provided you take the advice given to impact your credit score positively.
> If the sales price will allow you to lock into a price that is lower than the market and/or at the current appraisal price when you actually buy the home.
> If you are actually investing instead of simply renting, it's a win, win, win situation for all involved, especially if the home owner had difficulty selling and needed the next best option - a future buyer.
> If you found the home you love after searching for a while and do not want to miss the opportunity to secure it for purchase at a later time while you apply for funding. I also have buyers take a look at alternate financing while simultaneously working with a mortgage consultant to ensure they are doing all they can to get in a position to purchase soon.

Some agents may want instant gratification through immediate finances, however in all situations, we have to do what is best for our clients and renting without a purpose or without progression is not one of them. Investing is always better than paying someone else's mortgage without a personal benefit. It is not about money, but primarily about your total satisfaction at the end of the day. I have a Bachelor's in Finance & Accounting and I always provide a true financial picture to my clients through a 5 year projection. Usually, I can help them turn around their finances in approximately 1 - 2 years.

Finally, I specialize in lease purchases and 92.5% of them usually close as I encourage all my clients to build a relationship with a CREDIT ENHANCEMENT SPECIALIST who will help them improve their credit score over time. I hope this helps. As always, we would be honored to serve you in the event you decide to move in the direction of a lease purchase!

Sincerely,

The Sonya Jones Group
RE/MAX Grand South
http://www.SonyaJonesSellsHomes.com
sonyajones@remax.net
678.755.6590 Direct Line
0 votes Thank Flag Link Mon May 28, 2012
Sonya, Thank you! You've provided a clear, factual and yet positive answer!
Flag Mon May 28, 2012
I disagree strongly with the notion that l/p's are bad. I just sold one of my own homes that way. I can virtually guarantee you that the buyer would have paid a LOT more for the same property if he just waited until the closing date and then started shopping. Prices are undoubtedly lower now than they will be in a year. If the deal is bad for anyone, it's me, since I have to wait a year to get my equity out of the house. But I'm not complaining because the buyer is a decent guy who just can't get a loan right now. One thing I can tell you for certain: beware of anyone who tells you with certainty that anything is ALWAYS bad or NEVER good. Each case should be viewed individually and judged on it's own merits. Good luck with your home search...
1 vote Thank Flag Link Sun May 20, 2012
Jim,
Thanks for the sage advice. Good to hear that my thinking is NOT ALL BAD. As you can see from most of the other answers, it's difficult to find anyone that would say a good word about L/P.
Mandy
Flag Mon May 21, 2012
The aspects of a lease purchase heavily favor the seller not you...another option for you would be seller financing which will typically favor the seller in regard to finance terms but not in pricing. Lease purchase should be a last result...such as you are unable to rent a home or apartment. Have you started on your plan to fix what your last lender stated was your snag?

Chuck
770-714-7077
chuckgreen@kw.com
0 votes Thank Flag Link Sun May 20, 2012
Lease/Purchases almost always fail. You are better off trying to find a Seller Financed home. At least you will have a contract that stipulates the terms and conditions. You will own the home and if such time comes that you can refinance at better terms then you can improve your position.
0 votes Thank Flag Link Sun May 20, 2012
Lease purchase's are a wast of time and money.. unless you are the seller. Any questions?
0 votes Thank Flag Link Sun May 20, 2012
So the reason agents are telling you not to consider lease purchases boils down to commissions? Either you have horrible agents counseling you or just think agents are commission chasers. Botrh of these are of course possible as there are still far too many dumb agents and too many that do chase commissions.

However, the truth is that under the best of circumstances,you will loose money or overpay with a lease purchase. Rent until you can get approval to buy - do not consider a lease purchase under ANY circumstances.

Hank
0 votes Thank Flag Link Sun May 20, 2012
I can help if you are willing to listen. In whatever you decide, Good Luck!

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

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com
0 votes Thank Flag Link Sun May 20, 2012
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