I am looking to rent a house in Hollis, Queens with the option to buy, can you help me with that, I prefer to deal directly with the owner, NO FEES.

Asked by Nelson, Queens, NY Sat Feb 6, 2010

Time4 is running out, I have two more weeks to find a place.

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Don Tepper, Agent, Burke, VA
Sat Feb 6, 2010
Without meaning to sound crude, but what's the incentive for people here to help you find an option to buy if you want to deal directly with the owner and incur no fees?

Second, what's your urgency in finding a lease-option? Does it have to be a lease-option? If so, why? If you only have 2 weeks to find a place, then your first priority should be finding a place. And you'll find a lot more as straight rentals than as lease-options.

Having said that, if you know how to do it, finding a lease-option is easy. And while Anna is correct that most owners would rather sell than do a lease-option, many are finding themselves in situations in which they can't sell, but they can do a lease-option. I've posted many times here on how to find lease-options; just check some of my past posts. Several of the non-MLS techniques involve CraigsList--looking for properties that are listed as lease-options, looking for properties for rent, looking for properties for sale by owner, and other forms of prospecting.

Anna is also correct that there will be costs involved. You really should have a lawyer draft (or at least review) the lease-option documents. You'll also want to file a Memorandum Agreement with your local recorder of deeds office--that'll cost a bit. Then, it's likely the seller will want an up-front option fee. And there will be various other expenses.

Hope that helps.
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Anna M Brocco, Agent, Williston Park, NY
Sat Feb 6, 2010
Unfortunately, most owners today would rather sell the property rather than taking a chance to rent with the option to buy--You say no fees--however, do remember you each will need an attorney to draft the lease with the option--If you need a place to live in two weeks consider a regular rental or short term. You may wish to check for sale by owner sites such as Craig's list and see if anything can be found.
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