KariAndJoe.com Team

Hi Jack, Check out http://www.hud.gov/homes/homesforsale.cfm. I think you will find what you are looking for there. If not, and you are open to pre-foreclosures, we work alot with short sales in the Seattle area. Feel free to contact us.
KariAndJoe.com Team Seattle, WA http://www.KariAndJoe.com - Thu Jan 10 2008, 23:43

Hi David - The two are virtually one in the same...they are synonymous.
Basically you enter into an agreement to rent/lease a property with an option to purchase. The purchase price is typically agreed to up front. A deposit is usually collected as well that is credited towards your purchase price. However, if you don't exercise your option to purchase, the deposit and any credits you've negotiated for the term of the lease is non-refundable. It's a good way to go if the market is going up and you are able to secure a lower sales price upfront. It's also a good way to re-establish or rebuild your credit if it's not so great. Go to http://en.wikipedia.org/wiki/Lease_option for more information. If you have any other questions, feel free to contact us via email. Cheers. KariAndJoe.com Team in Seattle, WA - Thu Jan 10 2008, 23:24

Alex, That's a great question! It all depends upon one's situation. In any market, no matter whether it is a "Sellers market" or a "Buyers market" homes are bought and sold depending upon an individual's needs. A great way to decide if it's a right time for you is to compare the rent you would pay vs. buying. Another indicator would be to compare your return on investment (roi) for the money you have sitting in a savings account or ira and compare it to your internal rate of return with tax advantages of home ownership . We have a software program that we use to analyze those numbers for our clients. Another option to consider is the cost of money. The Fed is expected to lower rates again in the near future. So when you compare the relatively low cost of money in relation to an amortization schedule over time and compare that to the price you pay now, or later is worthy of your consideration. And last but not least, consider "Location, location, location". In soft markets, its always a good time to find values in the traditionally "higher priced" neighborhoods. Alex, no body has a crystal ball. Hopefully, my answer sheds more insight to your questions. KariAndJoe.com Team | Seattle, WA | Your Home Selling System - Thu Jan 10 2008, 23:10