Claudia Carroll

You pose a sensible solution to a market issue but there are many variables in the answer! Many vacant homes are foreclosures and relocation company assets. They absolutely do not allow leases with options or lease/purchases. There are very few homes that the seller would even be able to consider leasing because of the seller's financial situation.

Lease/Purchases and a Lease with Option to Buy are two very different situation. A lease purchase is a bit simpler - you lease the home with a designated part of the lease payment ($100-$200 per month) being applied to a future down payment should you decide to purchase the home at a later date. A "Lease with option to buy" requires a sizeable down payment (the "Option"), a purchase contract because the price of the home is negotiated at the current market value ,and then the services of an attorney. An attorney is required because the Lease with Option falls outside the scope of the Texas Real Estate license - hence why your questions were not greeted with enthusiasm by the agents you contacted. You stand to lose the Option Fee if you don't exercise your option and purchase the home at the specified later date. I hope this informaiton helps! - Mon May 25 2009, 08:10