Rentals in Thousand Oaks>Question Details

hmd21, Renter in Thousand Oaks, CA

We are looking for lease with option to buy homes in the Thousand Oaks area. Can anyone tell me a good place to find these homes?

Asked by hmd21, Thousand Oaks, CA Tue May 22, 2012

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I would have to agree with Ryans response below. Importantly though, why are you looking at lease options. Prices are being held almost artificially low by appraisals eeking up just a tiny bit at a time. Rates probably wont get any better. Have you worked wiht a lender to see if you qualify for a purchase? Or if you arent sure you want to purchase here, maybe just do a straight lease and if its all meant to work out, maybe your landlord will be ready and willing to sell when you are ready to buy, that happens. If you want a rental, I can send you a list from the MLS of available rentals but I wont pretend its the best list. I think craigslist if probably your best resource for looking at rentals. You might also try http://www.thekittyletter.com a small local print/web site for rentals. Be careful of deals that look too good to be true and always check to make sure the property you rent is not already in default on the mortgage, that can be an unpleasant suprise.
As far as buying goes, if you are considering a lease option, I did one of these when I was pretty young and didnt know too much but didnt have a down payment, you might want to connect with someone who can look at your financial picture and see how far away you are from being able to purchase or maybe you are more ready than you think. Either way, its good to have a plan. I personally sold a home to buyers who used and FHA 3.5% down first and received a quiet second for the 3.5% down payment through a governement assist program. They can make payments on it or not, it is due in full when sold or refinanced. The buyers needed a little money for the deposit and other costs but we even asked the seller to help them with closing costs. They purchased a home for less out of pocket then first and last would have cost them for a comperable home.

Contact me directly through my trulia profile if I can help with any additional inquires or connect you to a lender.
1 vote Thank Flag Link Tue May 22, 2012
There really isn't a market for Lease Options. Reason being, someone (buyer or seller) usually gets the short end of the stick when the option is exercised. Options set an agreed upon purchase price at the time the lease starts and the lessee has the right to exercise that option when the lease expires. In a market where prices are trending down, the agreed upon price set at the beginning of the lease will be too high for the lessee. In a market where prices are trending up, the agreed upon price will be too low for the seller. It's a risk either way... That's why you won't find too many out there.

If this is the only thing you are looking for, get together with your agent and start looking at normal listings. If you see one you like, you can have your agent ask the listing agent/sellers if they would be willing to do an option.
1 vote Thank Flag Link Tue May 22, 2012
Craigslist.com is one of the better places for lease options.
0 votes Thank Flag Link Tue May 22, 2012
Lease options are becoming more and more popular with investors nowadays. They like the idea of a tenant/buyer taking care of all the repairs in the home, during the lease, as part of the contract. Also, a lease-option scenario does require option money put into the deal upfront, which is forfeited if the tenant moves out early or does not exercise the option at the end of the lease period, typically 2 years, but the price and terms are all negotiable. If this sounds like the way you want to buy your next home, let's plan to discuss this further. Lease options work for some, not all, Buyers and/or Sellers.
0 votes Thank Flag Link Tue May 22, 2012
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