Property Q&A in 76073>Question Details

Carolyn, Home Buyer in Decatur, TX

Would the owners consider a lease or lease purchase?

Asked by Carolyn, Decatur, TX Sun Oct 5, 2008

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This question is about this property: http://www.trulia.com/property/1061589110-1168-School-House-…

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I personally don't like this idea. In my experience few people end up buying. This presents a problem as your contract normally obligates you to buy and puts your down payment at risk if you don't. If you want to rent --then do it, RENT. If you want to buy, then BUY, but don't mix the two. We've recently taken steps in Texas to prohibit these types of transactions. There are still people advertising such schemes and think they have a way around it, but the intent and content of the law is clear-NO RENT TO OWN. There's a reason for the law and that is that there were too many bad guys out there taking people's money in a lot of different ways. As a person wanting to rent you put yourself at some risk agreeing to these transactions.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Sun Oct 5, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Carolyn,
That is not really going to be an option with this property. I will double check with the agent again, but right now in the Wise County area there are not any Lease/purchase properties. The sellers just don't have to consider that option at this time #1 because our overall inventory, UNLIKE THE REST OF THE COUNTRY, is extremely low. Seller's can be more flexible with their options especially with choosing to only sale to people with pre-APPROVED status.
Unfortunately, also in our area there is not an abundance of rental properties, either, as I am sure you have found out.
Sorry to be the bearer of all this gloom & doom, but right now you are just not going to see sellers opting for this selling option.
Please feel free to give me a call or email to talk about some other options.
katlyn@wccs.net or call 940-627-1166 office phone.
Web Reference: http://www.kathylfisher.com
0 votes Thank Flag Link Sun Oct 5, 2008
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