Rentals in Brookland Park>Question Details

lisak147, Home Buyer in Richmond, VA

searching for lease to own

Asked by lisak147, Richmond, VA Tue Mar 13, 2012

I am searching ;lease to own. Have substantial down payment.

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4
Jim Simms’ answer
About to give away your big down payment? If you do not qualify for traditional financing today you may not in the future as well, it is a lot more complicated than you realize. Info in the link below may keep you from getting hurt, good luck,
2 votes Thank Flag Link Tue Mar 13, 2012
Check out this house that I have listed for rent. I would rather have a person interested in a lease to own. http://www.trulia.com/rental/3079268536-Single-Family-Home-R…
You can sign a lease and then if you like it and want to own it we can help you after you have had a chance to settle in.
Beth
0 votes Thank Flag Link Fri Mar 16, 2012
I have a fully renovated home in The Brookland Park area that has been completely renovated and ready for Lease to Own. It's 3 bedrooms, 1.5 Baths, 2 Zone Central Heating & Air. Let me know if your interested and how much of a Down Payment you have?

Shea Adair
sheaadair@hotmail.com
804.337.9665
0 votes Thank Flag Link Tue Mar 13, 2012
Here's a link to a blog I wrote on how to find lease-to-own properties: http://bit.ly/findaleaseoption However, I agree with Jim about the risks of a large option fee. (Note: It's not a down payment. You lose it if you don't exercise the option.) Typically, an option fee is 2%-4% of the value of the property. You should almost never consider more--certainly not the equivalent of a "substantial down payment." Frankly, your goal should be to provide as little up-front option money as possible. Please read up more on how to properly structure lease-options.

Hope that helps.
0 votes Thank Flag Link Tue Mar 13, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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