Property Q&A in Chesapeake>Question Details

Shermar Watk…,  in Portsmouth, VA

would seller be interested in rent to own at full price?

Asked by Shermar Watkins, Portsmouth, VA Sun May 10, 2009

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It's possible the sellers would consider a lease option but then again, I serious doubt it.

Here's why....

This is a short sale which means, the sellers need to sell for less than what they owe on their mortgage. The sellers could be behind on their mortgage however, not all short sales mean that. The sellers could be military and need to sell due to transfer, but not behind on payments. Whatever the situation, you would not want to approach a short sale if you are looking for a lease option.

Also be aware that most all lease option properties still require you place anywhere from 3% to 10% cash down payment. There's also some risk involved with lease options as well, and I always advise my clients to hire their own real estate attorney to review all documents before signing.

Most lease opions are for buyers who have blemished credit however, if you can place at least 3.5% down payment on a purchase, and if you have a decent credit score, then perhpas an FHA mortgage is the way for you. And if you're a first time homebuyer, you might qualify for the $8,000 tax credit/rebate too!

If you have any other questions about lease options and homebuying in general, please call or text me anytime - my BlackBerry is always on!

Kind regards,

Frank Biganski, Realtor
(757) 303-0517
Web Reference:
0 votes Thank Flag Link Mon May 11, 2009
Hi Shermar:
I would be happy to present your offer to the sellers of this property if you would like. You never know until you ask. Please contact me by email or call me on my cell.

Nelene Gibbs, Realtor, e-Pro
William E. Wood & Assoc.
mail to;
757 672-3232
Web Reference:
0 votes Thank Flag Link Sun May 10, 2009
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