How can a Buyer's Agent help me with Lease/Purchase of a home.?

Asked by Amanda Mckisson-kijek, Duluth, GA Sun May 20, 2012

I understand the value of having a Buyer's Agent help me with buying a home. However, if I'm seeking a Lease/Purchase, and considering a FSBO house where seller isn't working with agents, how can a Buyer's Agent still be of assistance/value to me? Would like to see a checklist of things I should expect a good Buyer's Agent to do for me in this scenario.

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Terri Vellios’ answer
Terri Vellios, Agent, Campbell, CA
Sun May 20, 2012
In a Lease Purchase you are actually negotiating TWO contracts; first the lease, and then the Purchase. These types of arrangements are much more risky and having an understanding of the contracts, contingencies, risks, etc. Is very important. These types of contracts are usually very weighted in the Seller's favor and the buyer can loose a great deal of money if they don't understand what they are agreeing to.

Risk management is the number one reason people hire an agent. Because you "don't know" what you don't know.

Have an amazing day!
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Mike Lyles, Agent, Duluth, GA
Mon May 21, 2012

Inventories are decreasing. FSBO sellers are few and far between. A L-P is a difficult transaction to sell to a prospective home seller.

Have you considered securing some of the available programs for down payment assistance so that you can be an active buyer in the normal retail or distressed property markets? Your property options will be vastly increased.

We have a "patient" lender who will coach you through the process of being "credit ready" with an approved down payment assistance program which are the closest to "free money" that you'll ever see.

Mike Lyles
Virtual Properties Realty
0 votes
Michael Hamm…, Agent, Suwanee, GA
Sun May 20, 2012
Besides the Lease Agreement and the Purchase Agreement, Mandy, you are also negotiating an Option to convert those two. All three tiers are equally important.
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Michael Hamm…, Agent, Suwanee, GA
Sun May 20, 2012
Most FSBO Sellers are savvy enough, especially in this market, to have factored in a Commission for a Buyer who prefers having a professional on their side of the table at Closing, Amanda. If you want to navigate these waters alone, please do your homework in advance. Consider learning at what price point all homes in the area sold, finding a good Lender if this isn't a cash deal, and writing a contract that will protect you if certain things do or do not happen. Please call, text or email if we might help further. Good Luck!

Michael Hammond
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