You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!
The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?
Not even knowing the area, I can safely say that's a tough question a professional might not want to answer. Break down that question into several parts. As if a buyer asks, "what would it cost to fix that place up..." You can buy a front door for several thousand dollars or a front door at Home Depot for $200.00. How much it costs is up to the person spending the money/the budget. Same goes for "better "neighborhood. What are you looking for? Easy commute to somewhere specific? Close to friends and relatives? Walk to "town center", near parks for the kids,? No, we have no children, we want an urban setting... The variables are limitless. A more specific way to find your answers is to write down what's important to you, crime rate/lack of, school district ratings, future land use/neighbors, community amenities, etc. It's the best way to get answers YOU need before making a purchase... more