Joe

Lease purchase options are challenging in many respects.
1. Your payments will be higher in consideration or a promise that a certain portion of your payment will be applied towards the downpayment
2. Typically, lease purchase agreements require a non-refundable option money which is almost like an initial deposit. If you can afford this option money, perhaps you can afford to buy after all
3. Who sets the purchase price? And will you have provisions for price adjustment at the end of the lease purchase period?
4. what if another property becomes available that you like better?

If you're just looking right now, and you just want to experience the joys of Alameda, you may be better off renting for a while.

And keep your eye on the market place. Notte my recent blog about Alameda, and where it's headed.

http://www.trulia.com/blog/pacita_dimacali/2009/11/alameda_c…

Hope you found this helpful.

Hello Joe a rental with an option to buy is possible but you are going to have a couple of issues, first is that your going to pay premium for rent, and second your still going to have to qualify for a loan. If you can do both I would suggest working with an agent with a connection with a property management company to find the write property. You might be better off finding the cheepest rent you can find and save enough for a 3.5 % down payment for an FHA mortgage. On a side note an option can have a risky side. If prices drop your option can become worthless because your negotiating the price at it's current value and if the market drops you won't want to purchase the house at it's current value. When this happens you don't get your option money back. If you would like to talk more feel free to contact me.

Thanks

Troy

Good Morning,
I am not sure about your question. I do know that Alameda properties are selling and values are increasing therefore sellers will not consider lease options. If a property has been on the market for a long time that is when a seller may consider a lease option. i have a Realtor friend that just wrote a lease offer in Danville and the lender for some reason will not do the loan because of the option. FHA loans are the way to go. Get pre approved by a lender and maybe you can purchase a home in today's market.